The Real Deal Miami

Miami-Dade and Palm Beach home sales rise, but fall in Broward amid rising prices: Q2 reports

Palm Beach County market posted across-the-board increases in sales and prices

Aerial view of Miami-Dade

UPDATED Aug. 9, 2:45 p.m.: Residential sales increased slightly in Miami-Dade and Palm Beach counties and fell in Broward County during the second quarter of this year, as prices continued to rise, according to the Miami, Palm Beaches and Greater Fort Lauderdale associations of Realtors.

In Miami-Dade, overall sales inched up by 1.4 percent to 7,700 sales from 7,590 sales. Single-family homes fared better than condos, the report shows. There were 3,882 sales of single-family homes during the second quarter, up 5.8 percent from 3,669 sales during the same period last year. Condo sales declined 2.6 percent to 3,818 from 3,921.

Home prices are still on the rise. Median sale prices of single-family homes in Miami-Dade jumped 11.3 percent to $328,300 and condo prices rose 6.5 percent to $229,000.

In Broward, overall residential sales declined 4 percent to 9,410 from 9,806. Single-family home sales experienced a 6.7 percent slump in the second quarter, falling from 5,006 in 2016 to 4,672 this year. Condo sales declined by 1.3 percent to 4,738 from 4,800 – a difference of only 62 closings.

Median home prices rose in Broward as well. The median price of a single-family home was up 7.9 percent to $340,000 and the median price of condos increased 9.2 percent to $155,000, according to the Greater Fort Lauderdale Realtors.

Palm Beach County had a strong second quarter. Single-family home sales rose 2.3 percent to 5,221 sales in the second quarter, and condo sales were up 1 percent to 3,933 closings. The median price of a single-family home grew by 4.3 percent to $335,000, while the median condo price increased 5.3 percent to $170,000.

Total sales dollar volume increased in all three counties, up to $2.88 billion in Broward, $3.3 billion in Miami-Dade and $3.9 billion in Palm Beach.