More homes sold in Broward than in Miami-Dade or Palm Beach last year

Palm Beach County recorded highest sales volume; Broward had the most closings

Miami /
Feb.February 13, 2020 05:30 PM
Broward County (Credit: LuizCent via Wikipedia)

Broward County (Credit: LuizCent via Wikipedia)

Broward beat out Miami-Dade and Palm Beach counties for the highest number of home sales last year, according to recently released reports.

In 2019, 61,524 homes and condos sold in the tri-county region of South Florida. Broward saw 32,609 residential closings last year, according to the Miami Association of Realtors. While total sales outpaced Miami-Dade and Palm Beach counties, that figure marks a slight (0.6 percent) decline year-over-year in Broward.

The reports from the Miami Association of Realtors give a snapshot of how home and condo sales performed last year, including neighborhoods with the least supply.

Miami-Dade

In Miami-Dade, residential sales totaled 27,436, a 2.4 percent annual increase from 2018. The year 2013 recorded the highest number of closings, which was 30,032, according to the report.

Last year, there were 13,322 single-family home sales in Miami-Dade, a 3 percent annual increase. Another 14,114 condos sold, up 1.8 percent, year-over-year. Total sales volume came out to $12.9 billion in 2019.

The more affordable price range of $300,000 to $600,000 was the strongest segment of the single-family home market. Homes sales in that range increased 14.7 percent to 7,231.

The median sales price in 2019 for houses was $365,000, a 4.3 percent increase from 2019. The median price for condos was $245,000, also up 4.3 percent.

The “hottest” neighborhoods with the fewest months of supply and significant closed sales activity were:

Single-family homes:

  1. Palmetto Estates, 2.1 months of supply
  2. Westwood Lakes, 2.3 months of supply
  3. Hialeah Gardens, 2.5 months of supply
  4. Kendall West, 2.5 months of supply
  5. Cutler Bay, 3 months of supply

Condos:

  1. The Crossings, 2.1 months of supply
  2. Kendale Lakes, 2.3 months of supply
  3. Tamiami, 2.4 months of supply
  4. Cutler Bay, 2.6 months of supply
  5. Country Club, 2.6 months of supply

Broward

In Broward, there were 15,979 single-family home sales in 2019, up 2.2 percent from 2018.
Condo sales totaled 16,630, down 3.1 percent annually. The total sales volume came out to $11.1 billion.

Mid-market home sales outperformed the rest of the market, similar to Miami-Dade. Homes priced between $400,000 to $600,000 increased by 15.5 percent, year-over-year.

The median sale price for single-family homes rose 3.3 percent to $365,000, and it rose 3.6 percent for condos, up to $171,000.

The top neighborhoods, ranked by the Miami Realtors by supply and home sales, were the following:

Single-family homes:

  1. Cooper City, 1.8 months of supply
  2. Coral Springs, 2.1 months of supply
  3. North Lauderdale, 2.1 months of supply
  4. Pembroke Pines, 2.3 months of supply
  5. West Park, 2.3 months of supply

Condos:

  1. Cooper City, 1.7 months supply
  2. Parkland, 2.4 months of supply
  3. Tamarac, 2.6 months of supply
  4. Oakland Park, 2.6 months of supply
  5. Davie, 2.6 months of supply

Palm Beach

Residential closings fell by 1.5 percent to 30,819 in Palm Beach County, due to a drop in condo sales. Single-family home sales were flat compared to 2018, with 17,421 closings in 2019. Condo sales declined by 3.4 percent to 13,398. Total sales volume in Palm Beach County came out to $13.5 billion, a figure boosted by two record sales of $105 million for single-family homes.

Median prices rose for both condos and houses: increasing 2.9 percent to $354,900 for single-family homes, and up 2.2 percent to $182,000 for condos.

The top neighborhoods were:

Single-family homes:

  1. Lake Clarke Shores, 1.7 months of supply
  2. Palm Springs, 2.4 months of supply
  3. Greenacres, 2.6 months of supply
  4. Royal Palm Beach, 2.8 months of supply
  5. Jupiter, 3 months of supply

Condos:

  1. Greenacres, 2.5 months of supply
  2. Royal Palm Beach, 2.6 months of supply
  3. Tequesta, 3.2 months of supply
  4. Jupiter, 3.4 months of supply
  5. Palm Springs, 3.7 months of supply

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