Today’s South Florida market outlook will be breaking down the deals by transaction type. We will also look at total residential real estate transaction volume, inventory, average sale prices average monthly deal volume.
There were 2,957 closed sales in the single family home segment during the month of January. That’s a big drop from 3,915 in December, but you will notice from our charts that January is usually a slow month. Here is a breakdown by transaction type:
- Traditional sale – 2,787 closed sales
- Foreclosure – 124 closed sales
- Short sale – 46 closed sales
As for the condo transactions, there were 2,920 closed sales and here is a snapshot of the numbers:
- Traditional sale – 2,824 closed sales
- Foreclosure – 80 closed sales
- Short sale – 16 closed sales
Transaction volume overall in South Florida
There were 5,877 closed sales in January and this next chart shows the patterns in transaction volume since early 2012. In January 2019 there were 5,113 closed sales, so this year was a significant (15%) improvement.
Here is a chart that shows the average monthly volume of real estate deals in South Florida. Since there was just one month in 2020, we don’t know how this year will shape up. If mortgage rates continue to decline, that could add additional fuel to the housing market.
Residential inventory in South Florida
The total inventory of houses and condos across the tri-county area was in January was 46,870. This figure includes 17,711 houses and 29,159 condo properties listed for sale on the market. Look at the massive inventory of 72,241 total properties in January 2011 during the housing crash when we started tracking the numbers! There were 30,768 houses and 41,473 condos on the market back then.
Average sale prices across South Florida
During the month of January the average sale price of houses in South Florida ticked-up again to $547,362, up from $512,795 in January 2019. As for condo prices, the average sale price was $324,551 in January, up from $300,935 in January 2019.
This real estate market outlook covers real estate activity in Miami-Dade, Broward and Palm Beach County, Florida. Here are just a few of the cities in each of these three markets:
- Miami-Dade – Aventura, Coral Gables, Miami Beach, Hialeah, Sunny Isles Beach, North Miami, Homestead, Doral, Miami Lakes, Downtown Miami, Brickell and Key Biscayne.
- Broward – Fort Lauderdale, Pompano Beach, Deerfield Beach, Hollywood, Hallandale, Weston, Parkland, Wilton Manors, Oakland Park, Plantation, Cooper City, Davie, Coral Springs, Sea Ranch Lakes, Lauderdale by the Sea and Lighthouse Point.
- Palm Beach – Delray Beach, Highland Beach, Jupiter, Palm Beach Island, Boynton Beach, Boca Raton, Highland Beach, Palm Beach Gardens, West Palm Beach, Wellington and Lake Worth.