21 Oct

South Florida home and condo sales have a strong September

SFBJ

By Brian Bandell / October 21, 2014

After an uneven August, home and condo sales in South Florida enjoyed solid growth in September, Florida Realtors found.

There were 3,827 single-family home sales in the tri-county area in September, up by 12.2 percent from a year ago. The median sale price was $265,000, a 3.1 percent gain.

That’s not quite as robust as the statewide growth. Florida saw single-family home sales grow 13.5 percent in September with the median spaces price up 5.9 percent to $180,000.

The South Florida condo market suffered a drop in sales in August, but then rebounded in September. There were 3,796 condos and town homes sold, a 2.2 percent increase. The median sales price grew 13.3 percent to $150,000.

Condos and town homes in South Florida outperformed the statewide market, where sales grew 2 percent and the median sales price increased 9.8 percent to $142,700.

“Both single-family and townhouse and condo sales were up, but so were new listings and pending sales,” Florida Realtors Chief Economist Dr. John Tuccillo said in a news release.

Despite this, inventory, as measured in months, stayed at a range that indicates a balanced market. So, more houses are coming on the market and more people are buying, he added.

What’s more, we are seeing continued pressure on the lower end of the market where listings have not increased, and there is more activity at the luxury end of the price spectrum, with investors and foreign buyers still active in the market for townhouses and condos, Tuccillo said.

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