Miami-Dade and Broward County, renowned for their breathtaking landscapes and vibrant real estate markets, continue to captivate prospective homebuyers. As we delve into the market trends of November, we’ll explore the dynamics of two popular housing options: single-family homes and condominiums, drawing comparisons between Miami-Dade and Broward County.
In November, the median price of single-family homes in Miami-Dade County sustained its upward trajectory, registering a notable 4% increase. This contributed significantly to the year-over-year gain of approximately 6%. The median price per square foot maintained its ascent, remaining 12% higher than the previous year. However, an interesting shift was observed in the average days on market, which decreased by 15% compared to last year, indicating a faster pace in selling single-family homes.
Condominiums: Resilient Growth Persists
Condominiums in Miami-Dade County experienced a 5% increase in the median sales price in November. The median price per square foot mirrored this growth, showing a 4% rise compared to the previous year. Remarkably, the average days on market for condo units decreased by 22%, suggesting a brisker pace in condo sales compared to the same period last year.
Neighborhood Snapshots
Aventura:
Single-family home median sales price: $1,250,000
Condo median sales price: $475,000
Condo median price per square foot: $385
Average days on market for single-family homes: 190
Average days on market for condos: 78
Coconut Grove:
Single-family home median sales price: $3,750,000
Condo median sales price: $2,450,000
Single-family home median price per square foot: $665
Condo median price per square foot: $689
Average days on market for single-family homes: 102
Average days on market for condos: 92
Coral Gables:
Single-family home median sales price: $1,600,000
Condo median sales price: $700,000
Single-family home median price per square foot: $765
Condo median price per square foot: $590
Average days on market for single-family homes: 88
Average days on market for condos: 79
Key Biscayne:
Single-family home median sales price: $2,600,000
Condo median sales price: $1,100,000
Single-family home median price per square foot: $1,500
Condo median price per square foot: $800
Average days on market for single-family homes: 18
Average days on market for condos: 62
Miami:
Single-family home median sales price: $580,000
Condo median sales price: $390,000
Single-family home median price per square foot: $345
Condo median price per square foot: $320
Average days on market for single-family homes: 55
Average days on market for condos: 48
Broward County
Single-Family Homes: Appreciation Amidst Extended Selling Period
In Broward County, single-family homes saw a commendable 6% increase in the median price in November. This contributed to an impressive year-over-year gain of 9%. However, the median price per square foot showed a slightly more modest growth of 14%. Interestingly, the average days on market for single-family homes increased by 45% compared to the previous year, suggesting a more prolonged selling process.
Condominiums: Sustained Growth with Swift Sales
Condominiums in Broward County experienced a 3% increase in the median sales price in November. The median price per square foot also saw a moderate increase of 6% compared to the previous year. Notably, the average days on market for condo units decreased by 18%, indicating a quicker pace in condo sales compared to the same period last year.
Neighborhood Snapshots
Weston:
Single-family home median sales price: $750,000
Condo median sales price: $325,000
Single-family home median price per square foot: $250
Condo median price per square foot: $230
Average days on market for single-family homes: 50
Average days on market for condos: 58
Hollywood:
Single-family home median sales price: $430,000
Condo median sales price: $225,000
Single-family home median price per square foot: $280
Condo median price per square foot: $210
Average days on market for single-family homes: 45
Average days on market for condos: 88
Coral Springs:
Single-family home median sales price: $520,000
Condo median sales price: $200,000
Single-family home median price per square foot: $240
Condo median price per square foot: $150
Average days on market for single-family homes: 38
Average days on market for condos: 68
Fort Lauderdale:
Single-family home median sales price: $580,000
Condo median sales price: $330,000
Single-family home median price per square foot: $355
Condo median price per square foot: $330
Average days on market for single-family homes: 52
Average days on market for condos: 65
Pembroke Pines:
Single-family home median sales price: $500,000
Condo median sales price: $195,000
Single-family home median price per square foot: $230
Condo median price per square foot: $160
Average days on market for single-family homes: 40
Average days on market for condos: 67
In summary, both Miami-Dade and Broward County’s real estate markets exhibit resilience and growth, with some variations in the dynamics of single-family homes and condominiums. Prospective buyers and investors should carefully consider these trends, evaluating factors such as median prices, price per square foot, and average days on market to make informed decisions in the evolving real estate landscape.
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