February home sales a mixed bag in South Florida as luxury market booms: Realtors reports
Sales volume dipped in Miami-Dade and rose in Broward and Palm Beach
Home sales dipped in Miami-Dade County in February, while closings were up slightly in Broward and Palm Beach counties, new reports from the Florida Realtors show. The luxury market showed steep gains in all three counties, and median home prices continued their upward climb across South Florida.
The mixed results follow a strong start of the new year, with January sales volume and prices up in all three counties.
Total residential sales fell 1.7 percent in February, year-over-year, to 1,803 homes, according to the Miami Association of Realtors. Condo sales rose 3 percent to 983, while single-family home sales dropped 6.9 percent to 820.
Sales of luxury homes priced at $1 million and above soared by 31 percent to 152 homes in February, compared to 116 in the same month of 2017. Luxury condo and home sales were both up by 30.9 percent and 31.1 percent, respectively. The Realtors Association attributed the increases to new federal tax rules that cap deductions, leading deep-pocketed investors to purchase properties in Florida, which has no state income tax.
Single-family home prices rose 3.6 percent in February to $332,000, marking more than six years of rising prices. Condo prices have been rising for six-and-a-half years, up 4.5 percent in February to $230,000.
Single-family home sales in Broward were up 3.6 percent year-over-year, to 1,024 homes, and the median sale price jumped 10.7 percent to $335,000. Condos sales rose 6.9 percent to 1,252 with the median sale price up 6.9 percent to $158,000.
Sales of luxury properties climbed by 27.5 percent to 103 single-family homes and 27 condos. Residential inventory decreased by 4.3 percent to four months.
Closed sales inched up by 4.8 percent year-over-year thanks to a 4.8 percent bump in single-family home sales to 1,216. Condo sales rose only 0.3 percent to 953. Sales of homes priced at $1 million and higher jumped by 17 percent to 103 houses and 27 condos.
The median sale price rose 9.5 percent to $345,000. Inventory decreased by 4 percent to 5.2 months of inventory.