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.