South Florida house hunters may finally be catching a break. After months of increases, the median price for single-family homes appears to be stabilizing.

MIAMI-DADE

The total number of residential home sales rose by +33.5% year to year, from 1,862 in February 2020 to 2,485 in February 2021. Sales increased by +23.6% for single-family homes and by +42.3% for condos. Miami-Dade has 2.8 months of supply of single-family homes and 10.2 months of inventory for condos. A balanced market consists of six-to-nine months of inventory.

The median sales price of a house increased year-over-year by +21.6%, from $370,000 in February 2020 to $450,000 in February 2021 — but down -4% from the all-time high of $470,000 in January. The median price of a condo is 17.6% higher than last year — $300,000 up from $255,000, despite rising inventory.

Houses closed at 97.2% of the asking price, up from 95.4% last year. Condos closed at 94.3%, up from 94% last year.

Cash buyers comprised 35.8% of total sales, down from 37.3% last year. The percentage of all-cash buyers was well above the national figure of 22%.

BROWARD

The total number of Broward residential home sales increased year-over-year by +24.8%, from 2,159 in February 2020 to 2,694 in February 2021. Sales grew by +23.8% for houses and +25.6% for condos. Broward has a1.7-month supply of single-family homes and 4.9 months of inventory for condos. A balanced market consists of six-to-nine months of inventory.

The median sales price rose year-over-year by +12.5% for houses — from $385,000 to $433,000 — and +10.8% for condos — from $180,500 to $200,000.

Houses closed at 97.8% of the original asking price, up from 96.1% last year. Condos closed at 95.3%, up from 94.3% last year.

Cash buyers comprised 36.9% of total sales, down from 39.8% in February 2020. Still, the percentage of all-cash buyers was higher than the national figure of 22%.

(source: miamiherald.com)