Residential pricing and inventory rose across much of South Florida in the third quarter, according to the latest Douglas Elliman reports.
Single-family home sales were stronger than condo sales, according to the reports, which are authored by Jonathan Miller of Miller Samuel. They are only based on sales recorded in the Multiple Listing Service for the quarter ending Sept. 30. Condo sales dropped dramatically in some cities, compared to the same period of last year.
Sales are down in part because mortgage rates remain high and inventory constrained, Miller said.
“In most of the markets we cover, prices are rising, sales are declining modestly and listing inventory is rising,” he said. “But inventory is still for most of the markets starkly or significantly below [pre-pandemic] levels.”
The share of cash sales across South Florida remains high, he said, describing that as “not record levels, but not normal either.”
Elliman is no longer covering Miami-Dade’s coastal mainland in the reports, which previously included Greater Downtown Miami, Coconut Grove, Palmetto Bay and other neighborhoods.
Miami Beach and the barrier islands
Sales fell 23 percent, year-over-year, to 695 closings in Miami Beach and the barrier island markets, which include Bal Harbour, Bay Harbor Islands, Fisher Island, Golden Beach, Indian Creek, Key Biscayne, North Bay Village, Sunny Isles Beach and Surfside. The median sale price rose 8.7 percent to $680,000.
Single-family home sales dipped 3.3 percent to 89 closings, while condo sales fell 25 percent to 606 sales. Inventory of single-family homes dropped 2.6 percent to 340 listings. Condo inventory rose 40.6 percent to 3,483 listings.
The median price of single-family homes grew 16.7 percent annually to $3.5 million, and the median price of condos rose slightly, by nearly 2 percent, to $550,000.
Coral Gables
Single-family home sales in Coral Gables remained strong, rising 45.7 percent, year-over-year, to 102 closings in the third quarter. The median sale price of single-family homes increased 23.8 percent to $1.9 million. Inventory grew, up 53.8 percent to 183 listings.
Condo sales fell 25 percent to 50 closings, but the median sale price rose 11.4 percent to $612,500. Inventory surged, up 103 percent to 140 condo listings by the end of the third quarter.
Fort Lauderdale
In Fort Lauderdale, single-family home sales slipped half a percent, year-over-year, to 441 closings. The median sale price rose slightly, up 1.8 percent to $560,000. Inventory grew 40.2 percent to 875 listings.
Condo sales dropped 14 percent to 386 sales. The median price also decreased, by 3.9 percent to $427,500. Inventory increased to 1,557 listings, an 88 percent jump, year-over-year.
Palm Beach
Single-family home sales rose 18.2 percent in Palm Beach for a total of 13 on-market closings. The median price fell 35 percent, year-over-year, to $9.3 million. Inventory increased 17 percent to 62 listings.
Condo sales on the island rose 70 percent to 39 closings. The median sale price of condos grew 35 percent to $1.4 million. Inventory also rose, up 45.5 percent to 163 listings.
Wellington
Wellington’s single-family home sales decreased 16 percent, year-over-year, to 140 closings. Inventory grew 53 percent to 341 listings, and the median sale price stayed about the same, at $720,000.
Condo sales rose 6.8 percent to 47 closings. The median sale price of condos fell 3.7 percent to $395,000. Inventory ballooned, rising 147.7 percent to 109 listings.
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