Residential sales tumble throughout South Florida in Q1

The sales slowdown continues in South Florida, according to the latest figures from the Miami Association of Realtors.

Miami-Dade

Residential sales fell to 5,659 in Miami-Dade County during the first quarter of this year, a nearly 2 percent year-over-year drop. Condo sales increased slightly, by less than 1 percent, to 2,997. Single-family home sales decreased by 4.9 percent to 2,662.

Despite the declines, total sales volume totaled $2.7 billion, up from the $2.6 billion recorded in the first quarter of last year.

The median price of single-family homes in Miami-Dade increased to $350,000, a 3.9 percent jump from $337,000 in the same period last year. The median price for condos grew by 4.3 percent year-over-year to $240,000.

Broward

Condo sales dropped 8.2 percent to 3,622 closings in the first quarter, and single-family home sales fell by 5 percent to 3,175. In all, residential sales in Broward declined by 6.7 percent to nearly 6,800 closings. The total sales volume was $2.2 billion, roughly $200,000 less than the previous year.

The median price for single-family homes in Broward County increased by 2.9 percent to $355,000, and the median condo price rose to $165,000, a 3.1 percent year-over-year increase.

Palm Beach

Residential sales in Palm Beach decreased 12.3 percent year-over-year to 6,316. Single-family home sales fared worse than the condo market, falling to 3,465 closings, a 13.1 percent decline. Condo sales totaled 2,851, down 11.2 percent year-over-year.

Residential sales volume totaled $2.79 billion in the first quarter, less than the $3.27 billion sales volume recorded a year ago.

The median price for single-family homes in Palm Beach County increased to $345,000, up 1.5 percent compared to the same period last year. The median price for condos increased 1.3 percent year-over-year to $175,000.