An overall assessment of the South Florida markets shows market conditions are generally improving through rising prices, rising sales and stabilizing inventory.
The number of sales in Miami Beach surged year-over-year the most in at least four years, and the number of sales rose annually for the fifth quarter in seven quarters. All price trend indicators and the number of sales in Miami Coastal Mainland increased year-over-year. After twelve quarters of year-over- year sales declining, the number of sales saw a sharp rise.
In Fort Lauderdale, condo sales surged higher, and single-family sales increased well above year-ago levels. A similar pattern was observed in Boca Raton.
Delray Beach showed somewhat mixed price trends, but housing prices were generally above year-ago levels. The median sales price in Wellington for condo and single-family price trend indicators moved higher.
Palm Beach saw the highest sales market share of condos since the financial crisis, and the majority of price trend indicators moved up. The overall market showed the highest total third-quarter sales in five years.
Single-family price trends were mixed as sales declined in Jupiter. Condo sales and price trend indicators moved higher. In Palm Beach Gardens, single-family price trends were mixed as sales expanded. Condo sales slipped as price trends moved higher.
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