March home sales down in Miami-Dade, Broward and Palm Beach counties
Median prices rose in all three counties, but Miami condos increased the least
Home sales fell in March in Miami-Dade, Broward and Palm Beach counties, according to the Florida Realtors.
Miami experienced the biggest decline in year-over-year residential closings: 17.5 percent last month, followed by Broward with a nearly 10 percent drop and Palm Beach, down less than 1 percent.
Median prices continued rising in all three counties, according to the reports.
Miami condo sales took the brunt in March, down 21.4 percent to 1,043 closings. The median price increased only 2.2 percent to $230,000, marking the smallest increase in median residential prices in the tri-county region.
Home sales fell by 13.5 percent to 1,104, while the median price rose to $348,000 – an 8.1 percent increase.
Overall, residential sales plummeted to 2,147, a 17.5 percent decrease from March 2017. Closed sales volume in the county totaled more than $1 billion, a 13.5 percent plunge.
Condo sales, which include townhouses, also took the bigger hit in Broward County. Condo closings fell 14.2 percent to 1,524 with a median price of nearly $163,000, up 10 percent from March of last year.
Single-family home sales were down 10.5 percent to 1,338. The median sale price rose nearly 6 percent to $350,500.
Residential closings fell nearly 10 percent to 2,862 sales. Sales volume totaled $911.5 million, down 6.45 percent.
The Palm Beach market was less volatile than Miami-Dade and Broward. Single-family, and condo and townhouse sales fell about 4 percent to 3,016 closings overall. Sales volume totaled $1.36 billion, up 11 percent from March 2017.
The median price of a townhouse/condo rose 9.3 percent to $177,000, while the median price of a single-family home increased by 7.1 percent to $348,000, according to the report.