South Florida Residential Sales, First Quarter Price Rise

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South Florida residential sales increased in the first quarter of this year as the housing market remained warm.

A lack of inventory continues to plague parts of South Florida, with the luxury sector outperforming other prices, according to the Miami Association of Realtors.

In the first quarter, residential sales volume totaled $ 15.8 billion in Miami-Dade, Broward and Palm Beach counties.

Miami-Dade

Residential sales rose 40% to 8,447 closings in the first quarter. Single-family home sales rose 26 percent to 3,611 closings, while condo sales also rose, this time 53 percent to 4,836 closings.

The dollar volume at Miami-Dade totaled $ 6.4 billion. Single-family home sales volume totaled $ 3.5 million and condo sales volume increased to $ 2.9 billion. The dollar volume of single-family homes and condominiums climbed 123% and 118%, respectively.

The luxury market, defined as $ 1 million and above, has also seen a huge increase in sales. Single-family home sales jumped 183 percent to 679 deals, and luxury condo sales rose 188 percent to 553 deals in the first quarter.

The median price of single-family homes rose to $ 470,000, increasing 25 percent year over year. The median price of condos rose 15 percent to $ 297,000.

Broward

Residential sales in Broward County increased 30 percent year over year to 9,131. Condo sales increased 31% to 4,864. Single-family home sales increased increased by 28% to reach 4,267 closures.

Single-family home sales volume increased 57% to $ 2.7 billion. Condominium volume increased 58% to $ 1.4 billion.

The median price of condos rose 17 percent to $ 206,000, and the median price of single-family homes rose 15 percent to $ 435,000.

Sales of luxury single-family homes in Broward jumped 105% to 419 closings in the first quarter. Luxury condo sales increased 169% to 164 closings.

palm beach

Sales increases in Palm Beach County have been less dramatic than in Broward or Miami-Dade, possibly due to lower inventory. Residential sales increased only 10 percent to 7,753 sales. Condo sales increased 15% to 3,665 closings, while single-family home transactions increased 5% to 4,088.

Sales of luxury single-family homes jumped 75% year-over-year in the first quarter, and luxury condo sales rose 72%.

Single-family sales volume increased 61% to $ 3.8 billion, while condo sales volume totaled $ 1.5 billion, an annual increase of 40%.

The median price of single-family homes increased 19% to $ 435,000. The median price of condos rose 22% to $ 233,000.


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