The Real Deal Miami

First quarter home prices up, sales volume a mixed bag in Miami-Dade and Broward: Realtors

In Miami-Dade, single-family home prices rose 15.8% year-over-year, up 10% in Broward
By Katherine Kallergis | May 16, 2017 01:15PM

Miami skyline (Credit: Getty Images)

Single-family home sales were up in Miami-Dade County and down in Broward County during the first quarter of this year, while prices continued to rise in both counties, according to the Miami and Greater Fort Lauderdale associations of Realtors. 

In Miami-Dade, median sale prices increased for the 21st consecutive quarter, up 15.8 percent year-over-year for single-family homes to $318,375, and up 6.6 percent for condos to $220,000. In Broward, home prices increased 10 percent to $319,000. Townhouses and condos rose 7.5 percent to $145,000.

In terms of volume, Broward saw the biggest decline in single-family home sales at 5.1 percent, down to 3,465 in the first quarter. Miami-Dade, meanwhile, experienced a 1.5 percent year-over-year increase to 3,155 from 3,326 closings.

The reverse was true for condos and townhomes. In Miami, condo sales fell 5.1 percent the first quarter compared to last year, to 3,014 closings from 3,326. And in Broward, condos and townhouse sales jumped 2.3 percent to 3,933 closed sales.

Altogether, residential sales in Miami-Dade decreased 2 percent to 6,169 closings during the first quarter compared to the 6,294 closings in the first quarter of 2016. While the number of sold homes fell, total sales volume actually increased to $2.7 billion, a 3.8 percent increase from $2.6 billion for last year’s first quarter, according to the report. Distressed sales again fell in the first quarter as the inventory continues to shrivel up in South Florida and across the country.

Miami’s condo inventory, about 13.8 months, grew during the first quarter by 10.5 percent to 15,416 listings. The inventory of homes, about 5.8 months of supply, fell by 2.1 percent in Miami to 6,355 listings from 6,494, according to the report.

Total residential sales volume in Broward increased for townhouses and condos and for single-family homes. Townhouses and condo sales volume rose 6.2 percent to $756.4 million, while houses increased by 3.6 percent to $1.4 billion. In all, sales volume totaled $2.16 billion for the first quarter of this year, according to the Greater Fort Lauderdale Realtors.

Inventory for townhouses and condos fell in Broward by 10.7 percent to 7,190 listings, and the inventory of houses decreased by 5.6 percent to 6,055 single-family listings.