Major cities in South Florida saw a significant turnaround in the third quarter in what has been a slumping condo market.
Single-family home sales, meanwhile, were mixed.
The Elliman Report released its quarterly analysis of real estate sales for Miami Beach, Fort Lauderdale and West Palm Beach covering July through September, and the condo market is bouncing back.
Condo sales in Fort Lauderdale saw a spike in sales by 20.7% in the year-over-year comparison, to 466 units sold. The median price for single-family homes jumped to $650,000 during the quarter as well, an increase of 16.1%. While it’s the most affordable of the three cities, the Fort Lauderdale home sale price is also nearly double what it was six years ago.
Miami Beach also posted a notable increase in single-family median home prices, jumping 16.8% year-over-year to $2.91 million.
Condo sales also ticked up in Miami Beach, increasing 3.6% compared to a year ago to 628 units sold.
West Palm Beach saw some continued sluggishness with 417 condo sales, posting a 12.2% decrease for the quarter compared to a year ago, when 475 units were sold.
The median sales price for single-family homes jumped for the quarter to $867,000, a 7% year over year.
The South Florida city-specific sales are generally upbeat, but nowhere near the wild increase that was seen in the monthly report for September.
The Elliman Report for sales last month took in the analysis for each county as a whole. Palm Beach County in September saw a 497.7% increase in single-family home sales compared to a year ago.
Broward County witnessed a 320.9% jump in year-over-year sales for single-family homes.
And Miami-Dade County saw single-family home sales surge by 118.3% in comparison to a year ago.
Condo sales for September also saw extreme increases, with Palm Beach County numbers jumping 603.3% compared to a year ago. Broward saw a spike of 441.3% and Miami-Dade registered a 193.4% hike for the month.
“The decrease in mortgage rates over the past two months spurred the release of pent-up demand as new signed contracts rebounded from last year’s multi-year lows. The increase in sales prevented new listings from rising during the same period for the past two months,” Elliman Report analysts concluded in a news release.