Existing home sales were robust in February, according to the latest Miami Association of Realtors report. In both Miami-Dade County and Broward, the volume of sales increased while median prices for both condos and single-family home sales grew.
Sales figures released Friday do not reflect the coronavirus crisis, noted Jorge Guerra Jr., Miami chairman, via a press release.
“We continue to closely monitor the COVID-19 situation and are optimistic that the strong demand for local real estate, population growth, low interest rates, declining months of supply and the proven resilience and vitality of South Florida will bolster activity once the current situation is resolved,” he wrote.
Total sales of existing homes grew by 7.1% year over year, from 1,739 in February 2019 to 1,862 in February 2020. Transactions of single-family homes increased by 9.8% and for condos by 4.7% during that same period of time.
Inventory dropped by 14% for single-family homes from January to February — from 7,250 to 6,238 listings — and by 9.8% for condos, — from 16,583 to 14,960 listings. There were 5.5 months of supply in February 2020 for single-family homes and 12.6 months for condos. Since a supply of six-to-nine months indicates a healthy market, housing conditions favored sellers of single-family homes and buyers for condos.
Median sale prices rose for both single-family homes and condos. The median price for single-family homes was 8% higher than the year before, rising from $248,000 to $270,000. Condo sale prices were 6.7% higher than in February 2019, rising from $186,600 to $200,000.
The number of transactions of luxury residences, priced over $1 million, increased by 17.9% to 66 single-family homes. Condo sales decreased by 21.2%, to 52 transactions.
Over 90% of sellers sold near or at their asking price.
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Cash transactions dipped to 37.3% in February 2020 from 39.9% in February 2019 . Still, Miami saw more cash transactions than the U.S. average of 22%.
Total home sales in Broward increased by 5.3% from February 2019 to February 2020, from 2,051 to 2,159 transactions. Sales of single-family homes grew by 7%, from 938 to 1,004, and by 3.8% for condos, from 1,113 to 1,155.
Total inventory dipped by 15%. The number of single-family homes listed on the market dwindled by 20.9%, from 6,145 to 4,863. The number of condos on the market dropped by 11%, from 9,019 to 8,026 active listings. There were 3.6 months of supply for single-family homes and 5.4 months of supply for condos, indicating a sellers market.
Median sales prices increased by 10% for single-family homes — from $350,000 to $385,000 — and by 12.8% for condos, from $160,000 to $180,500.
Sales in the luxury market, homes priced above $1 million, jumped by 43.9% over January 2020, to a total of 59 and by 100% to 18 transactions.
More than 90% of sellers sold near or at their asking price.
Cash transactions dipped from 41.4% in February 2019 to 39.8% in February 2020.