Miami-Dade’s resi sales suffered the most in Q1: Realtors reports
Closings fell in Broward and rose slightly in Palm Beach, but prices continued to go up
Fewer South Florida homes sold in the first quarter compared to the same period last year, with Miami-Dade taking the brunt of the slowdown, new reports from the Florida Realtors show. Still, prices continue to rise across South Florida.
Residential closings fell 6.5 percent in Miami-Dade County to 5,770 during the first quarter. The decline was marginal in Miami’s counties to the north. In Broward, 7,284 homes and condos sold, marking a 1.5 percent decrease from the previous year. In Palm Beach County, residential sales increased about 1 percent to 7,199.
While overall sales fell in Miami-Dade, luxury closings continued to rise. Luxury home sales, priced at $1 million and up, jumped 12.3 percent to 421 in the first quarter, according to the Miami Association of Realtors.
Total residential sales volume fell by about $100 million to $2.6 billion.
The median price of a single-family home rose 5.9 percent to $337,000, while the price of a condo was up 4.5 percent to $230,000.
A decline in single-family home sales led to a slide in overall residential closings in Broward County. Single-family sales totaled 3,341 in the first quarter, a 3.6 percent decline, while condo sales totaled 3,943, a 0.3 percent increase.
Prices for condos jumped 10.3 percent to $160,000, and rose 8.2 percent to $345,000 for single-family homes.
Nearly 7,200 houses and condos sold in Palm Beach County in the first quarter of 2018, marking a 1 percent increase compared to the previous year’s 7,125 closings for the first quarter.
Home sales totaled 3,988, up only 0.2 percent, while condo sales increased by 2 percent to 3,211.
Median prices were also up in Palm Beach County. The median price of a condo rose by 10 percent to $172,700 and the price of a single-family home was up 7.4 percent to $400,000.