The Real Deal Miami

June home sales up in Broward, flat in Palm Beach and down in Miami

Luxury outperformed other price ranges in Miami-Dade
By Katherine Kallergis | July 23, 2018 06:30PM

Broward aerial shot (Credit: Francisco Anzola via Flickr)

South Florida’s residential sales were a mixed bag in June. They declined in Miami-Dade County, stayed relatively flat in Palm Beach County, and increased in Broward. Home prices, meanwhile, remained on the rise in all three counties, according to June figures from the Florida Realtors.

Miami-Dade

Overall residential sales dropped 2.9 percent in Miami-Dade, down to 2,592. A 5 percent drop in condo sales — down to 1,257 closings — led to the decline. Single-family home sales decreased 0.8 percent to 1,335.

The median price of a single-family home was $355,000 in June, up 6 percent from the previous year. The median price of a condo rose at a slower pace, up 2.1 percent to $240,000.

Again, luxury sales outperformed the rest of the market. Sales defined as $1 million and up increased 21.5 percent to 220 in June. And while overall condo sales suffered, luxury condo closings rose 28 percent year-over-year to 96 sales.

Broward

In Broward County, residential sales rose nearly 5 percent to 3,454 closings in June.

Home sales declined 2.6 percent to 1,648, while condo sales surged to 1,806, a 12.7 percent increase. The median sale price for a single-family house was $367,500 last month, up 3.5 percent from the previous year. The median condo price was up 15.6 percent to $185,000.

Palm Beach

Residential sales increased marginally, up less than 1 percent to 3,095 in Palm Beach County last month, thanks to a drop in single-family home sales. Condo sales rose nearly 5 percent to 1,290 closings, while home sales declined 2.7 percent to 1,805.

The median price of a condo rose to $190,000, up 10.1 percent, and the median price of a single-family home increased 2.9 percent to $355,000.