Housing costs are rising. Sales is not.
Prices for single-family homes in the Miami area are now at record highs, according to data from March. But the number of deals in Miami-Dade and Broward fell 15% from a year ago.
Here’s a look at costs and sales in South Florida:
What is the average sales price of a single-family home?
Miami-Dade County: $650,000
Broward County: $607,000
What is the average sales price of an apartment?
Miami Dade: $445,000
Broward: $288,750
MORE: Where have South Florida homebuyers gone?
What were the total home sales in March?
Miami Dade: 2,141 sales, down from 2,513 sales a year ago.
Broward: 1,084, compared to 3,133 a year ago.
What is the housing inventory in South Florida?
Miami Dade: 4.3 months houses, 8.2 months apartments
Broward: 3.9 months houses, 7.2 months houses.
Note: A balanced market consists of six to nine months of inventory, with anything below benefiting sellers and anything above benefiting buyers.
How Many Cash Deals in South Florida?
Miami Dade: 37.2% of closed deals
Broward: 42.6% of closed deals
National average: 28%
