South Florida’s residential market showed continued signs of improvement. Residential sales rose in all three counties, and prices are also still on the rise – albeit at a slower pace.
Residential sales increased 1.5 percent year over year to 7,815 in the second quarter of this year. The condo market performed much better, with sales rising 5.6 percent to 4,033 in the second quarter. Home sales rose 1.5 percent to 7,815, according to the report.
Condo sales rose in part because of the lack of single-family homes in the low to mid-range, the Miami Association of Realtors’ chairman George C. Jalil said. Condo sales in the $250,000 to $600,000 range increased nearly 16 percent year over year.
Median prices also continued their steady climb – marking the 26th consecutive month of increases. Condo prices rose 5.2 percent to $250,875, while home prices jumped 6.6 percent to $328,300.
In Broward County, residential sales totaled 9,648 in the second quarter, rising 2.5 percent from the previous year. Condos sales were also stronger in Broward, increasing 7.7 percent to 5,104, while home sales declined by 2.7 percent to 4,544.
The median sale price for condos jumped 10 percent to $170,500, and the median price for single-family homes was about $359,000 in the second quarter, up 5.7 percent.
Overall sales increased in Palm Beach County, up 2.6 percent to 9,389. Home sales dipped to 5,216, a difference of five sales compared to the previous year. Condo sales totaled 4,173 in the second quarter, rising 6.1 percent year over year.
The median price of a condo jumped 7.1 percent to $182,000. For single-family homes, the median price $350,000, increasing 4.5 percent from the second quarter of last year.