Reso 2015-2405 - Laserfiche WebLink

Home Browse Search

PRESENTATION OF DATA 36 a year earlier. Compared with August, the median price for a single-family home was flat in September while the condo median rose 7 percent month to month. In September, Miami-Dade's inventory of single-family homes rose 20 percent to 6,347 units while the inventory of existing condos swelled 24 percent to 11,133. For existing Miami-Dade condominiums, which amounted to 8.1 months of supply — tipping the market in favor of buyers. Experts consider a six-month supply to be a balanced market between buyers and sellers, with more than that favoring buyers and a tighter supply favoring sellers. According to Metro Study, Miami-Dade County lost its housing start lead to Palm Beach County in 2Q14, with an annual starts pace of 2,242, down 8 percent from the previous quarter and off 7 percent year over year. However, quarterly starts rebounded 42 percent from the previous quarter. Closings are up 26 percent from a year ago. Finished, vacant inventory stands at 2.4 months. Broward County — In Broward, sales volume of both single-family homes and condos rose by 8 percent in September from a year earlier. During September, 1,306 single- family home sales and 1,353 condo sales were completed. The median price of a single-family home in Broward County was $270,000 in September, flat with a year earlier, but the median for condos jumped 26 percent to $132,000. In Broward, the inventory of single-family homes listed for sale in September rose 35 percent to 6,391 units, while the inventory of condos increased 27 percent to 8,157 units. That amounted to a six-month supply of condos and a 5.1-month supply of single-family homes. Broward County housing starts rose 5 percent over the previous quarter. The annual starts pace remains flat at 1,089, due to land constraints in the county. Finished, vacant inventory drops further to 1.4 months. Palm Beach County— Market conditions have stabilized in Palm Beach County as home prices fell in August, the first drop in 27 months. The median home price totaled $270,000, down 2 percent from a year earlier according to the Realtors Association of the Palm Beaches. In better news, while the median price dropped last month, sales remained steady. A total of 1,500 single-family homes closed, a 16 percent increase from August 2013. Results also were mixed in the condominium market too. Palm Beach County's median condo price rose 13 percent in August to $132,250, while sales fell 8 percent. The Clobus, McLemore & Duke, Inc.