South Florida’s residential sales increased in the first quarter of this year, as the housing market remains hot.
A lack of inventory continues to plague parts of South Florida, with the luxury sector outperforming other price points, 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.
Residential sales increased 40 percent to 8,447 closings in the first quarter. Single-family home sales rose 26 percent to 3,611 closings, while condo sales also increased, this time by 53 percent to 4,836 closings.
Dollar volume in Miami-Dade totaled $6.4 billion. Single-family home sales volume totaled $3.5 million and condo sales volume increased to $2.9 billion. Single-family home and condo dollar volume jumped 123 percent and 118 percent, respectively.
The luxury market, defined as $1 million and up, saw a huge jump in sales as well. Single-family home sales surged 183 percent to 679 transactions, and luxury condo sales increased by 188 percent to 553 transactions in the first quarter.
The median single-family price rose to $470,000, increasing 25 percent year over year. The median condo price increased by 15 percent to $297,000.
Residential sales in Broward County increased 30 percent year over year to 9,131. Condo sales grew by 31 percent to 4,864. Single-family homes sales rose 28 percent to 4,267 closings.
Single-family sales volume increased 57 percent to $2.7 billion. Condo volume rose 58 percent to $1.4 billion.
The median condo price increased 17 percent to $206,000, and the median single-family home price rose 15 percent to $435,000.
Luxury single-family home sales in Broward jumped 105 percent to 419 closings in the first quarter. Luxury condo sales increased 169 percent to 164 closings.
Sales increases in Palm Beach County were less dramatic than in Broward or Miami-Dade, likely due to declining inventory. Residential sales grew by only 10 percent to 7,753 sales. Condo sales increased 15 percent to 3,665 closings, while single-family home transactions rose 5 percent to 4,088.
Luxury single-family home sales jumped 75 percent year over year in the first quarter, and luxury condo sales rose 72 percent.
Single-family sales volume increased 61 percent to $3.8 billion, while condo sales volume totaled $1.5 billion, a 40 percent annual increase.
The median price for single-family homes rose 19 percent to $435,000. The median price for condos increased by 22 percent to $233,000.
Source: The Real Deal
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