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

Miami /
Apr.April 23, 2018 02:30 PM

Miami skyline (Credit: MaxPixel)

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-Dade

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.

Broward

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.

Palm Beach

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.


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