South Florida’s single-family home sales in November presented a tale of two markets, with Palm Beach and Broward counties experiencing significant year-over-year growth, while Miami-Dade County continued to lag. The Elliman Report highlights a robust increase in closing contracts for Broward, a more modest but positive trend in Palm Beach, and a notable decline in Miami-Dade.
Key Takeaways
- Broward County saw a nearly 99% increase in single-family home closings compared to November of the previous year.
- Palm Beach County experienced a 27.9% annual rise in single-family home sales.
- Miami-Dade County faced a 30.6% decrease in single-family home closings year-over-year.
- Condominium sales showed improvement in Broward and Palm Beach but declined in Miami-Dade.
Broward County Leads the Pack
Broward County demonstrated the most significant year-over-year improvement in single-family home sales for November. The county recorded 387 home sales, a substantial 98.5% jump from the 195 houses sold in November of the prior year. Despite this strong annual comparison, Broward saw a slight monthly decrease, with 466 homes sold in October, marking an 18.52% drop.
Elliman real estate analysts noted that all property types in Broward experienced a combined annual gain in new signed contracts for the third consecutive month. New listings across all property types have also been increasing annually for the past three months. Notably, contracts signed above the $1 million threshold have shown annual growth for six out of the last seven months.
Palm Beach County Shows Modest Gains
Palm Beach County also witnessed an increase in annual home sales, though more moderate than Broward’s. In November, 321 single-family contracts were signed, representing a 27.9% hike over the 251 closings in November of the previous year. Similar to Broward, Palm Beach experienced a monthly downturn, with 347 closings in October, resulting in a 7.49% decrease in November’s sales.
Miami-Dade County Continues to Struggle
Miami-Dade County remains the laggard in South Florida’s housing market, trailing its northern neighbors for most of the year. November saw 406 home closings in Miami-Dade, a significant 30.6% decline from the 585 closings in November of the prior year. The monthly comparison also showed a downturn, with 487 homes sold in October, indicating a 16.63% drop in sales.
Condominium Market Trends
Condominium sales, which have faced challenges across much of South Florida, showed signs of improvement in Broward and Palm Beach counties. Broward recorded 354 condo sales in November, a 41.6% increase from the previous year. Palm Beach posted 309 condo sales, a 33.2% rise year-over-year. Miami-Dade, however, was the sole county to experience a dip in condo sales, with 406 closings in November, a 30.6% decrease from the previous year.