The Miami Herald reports home sales numbers were up in Miami-Dade County but down in next door Broward County for the month of October. The October numbers come from the Miami Association of Realtors and they show the total number of sales for luxury homes priced above $1 million and median-priced homes increasing in Miami-Dade County by 3.1% year-over-year, from 1,073 to 1,146. Single-family home sales rose by 2.3%, compared to the first 10 months of last year and condo sales grew by 0.5%.
The association compared data from October 2018 to October 2019 from the Multiple Listing Service. The total number of sales for luxury and median-priced homes in Broward County declined by 5.9%, from 2,799 to 2,632 sales, during this period. The number of single-family home sales increased by 1.7%, or from 1,322 to 1,344, but condo sales dipped by 12.8%, from 1,477 to 1,288.
The price of mid-range homes increased in both counties. Single-family home prices in Miami-Dade County rose by 6.8% year-over-year, from $350,000 to $365,000. Condos had a 5.1% median price increase, from $235,000 to $247,000.
Median home prices increased in Broward, too. The county had a 2% increase in single-family home prices, from $355,000 to $362,000. Condos increased by 7% from $157,000 to $168,000. The median number of days between listing and closing for single-family homes in Miami-Dade County was 95 days, a 6.7 % increase year-over-year. For condos, the median number remained constant at 113 days. The national average of 19% cash transactions remained consistent.
