Residential sales rose in all three counties in April to more than 8,700 closings – a 7.85 percent year-over-year increase – according to reports from the Florida Realtors. Miami-Dade experienced the biggest surge with a nearly 13 percent increase in closings compared to the previous year.
The increases follow a slower first quarter, where sales only rose in Palm Beach County.
Condo sales rose 24.6 percent last month to 1,384 closings, while home sales were up only 2.1 percent to 1,217, according to the Miami Association of Realtors.
In all, residential closings totaled 2,601 in April, a 12.9 percent increase from the previous April’s 2,303 sales. Sales volume totaled $1.2 billion, up 17.8 percent. Prices also continued climbing: single-family home prices rose 7.8 percent to $345,000, while condo prices increased by 5.4 percent to more than $241,000.
Single-family home sales dipped in Broward, down 1.6 percent to 1,378. Condo sales rose to 1,631, a 9.5 percent jump from the previous year. Overall, closings were up 4.15 percent to 3,009. Sales volume totaled $986.8 million in April, a year-over-year increase of about 17 percent.
The median sale price for a single-family home reached $355,500, a 7.7 percent increase; while the median price of a condo rose 8.8 percent to $161,500.
Palm Beach’s residential market continued to show strength in April, with residential closings up 7.5 percent to 3,097. Home sales totaled 1,690, and condo sales totaled 1,407, increases of 5.8 percent and 9.2 percent, respectively.
The dollar volume totaled $1.44 billion, up nearly 18 percent from April 2017. Prices rose to about $182,000 (up 10.2 percent) for condos and $350,000 for homes (up 7 percent).