Fewer residential properties hit the market in South Florida in the first quarter, according to the latest Elliman Reports.
The reports, authored by Jonathan Miller of Miller Samuel, cover the market’s performance ending March 31. The coronavirus pandemic hit the region in early March, and its impacts were beginning to be felt by the middle of the month, agents said.
Closed sales rose in many top markets, like Miami, Fort Lauderdale and Palm Beach, and declined slightly in others, such as the stretch of oceanfront communities from Key Biscayne to Golden Beach. The reports do not include new development sales.
Prices rose in nearly every part of the region, with the exception of a slight dip in Miami Beach and the barrier islands.
Miami Beach and the barrier islands
In Miami Beach and the barrier islands, which include areas up to Golden Beach, closed sales were relatively steady. In the first quarter, 769 properties sold, down 0.4 percent compared to the same period of last year. Single-family home sales increased 9.9 percent to 89 closings, while condo sales fell 1.6 percent to 680 closings.
Elliman groups together Bal Harbour, Bay Harbour Islands, Fisher Island, Golden Beach, Indian Creek, Key Biscayne, Miami Beach’s Mid-Beach, North Beach and South Beach neighborhoods, North Bay Village, Sunny Isles Beach and Surfside. South Beach includes properties in the 33139 ZIP code and those in the 33140 ZIP code south of 30th Street.
The median sale price in this market was $435,000, down 1.1 percent from the $440,000 median price last year. Listing inventory dropped by about 300 properties, a 4.5 percent annual decline for a total of 6,425 homes and condos on the market.
On the coastal Miami mainland, which includes Aventura, downtown Miami, Brickell, Coconut Grove, Coral Gables, South Miami, Pinecrest and Palmetto Bay, residential sales rose 7.7 percent to 3,343 in the first quarter. Condo sales increased 9.2 percent to 1,725, while single-family home sales increased 6.2 percent to 1,618.
The median sale price increased 9 percent to $340,000. Listing inventory totaled 10,519 properties, a 14.1 percent decline from the previous year.
Residential sales grew by 5.8 percent to 929 closings in Fort Lauderdale. Though condo sales fell by 2.4 percent to 495, single-family home sales increased 17 percent to 434 closings.
The listing inventory of condos decreased by 8.6 percent to 1,448 condos. For houses, it fell by 12.5 percent to 964 active listings.
The median price of condos was $333,000, a 12.9 percent increase. The median price of houses was about $433,000, an 11.8 percent increase.
West Palm Beach
Sales in West Palm Beach increased slightly, up 1.2 percent to 1,055 closings in the first quarter. That’s thanks to a 3 percent increase in condo sales, totaling 614 closings. Single-family home sales dipped by 1.1 percent to 441 closings.
The inventory of condos grew by 8.2 percent to 1,239 properties listed; and dropped for single-family homes, down 8 percent to 693.
In West Palm, the median price of condos jumped by 14.3 percent to $142,000. For houses, price growth was slower, up 4.3 percent to $307,000.
Many owners of condos and single-family homes kept their properties off the market or took them off the market in Palm Beach, with only 292 condos listed in the first quarter (a 12 percent annual decline) and 153 houses (down 15 percent compared to the previous year).
Residential sales grew by 16.3 percent to 121 closings on the island. Condo sales increased by 3.5 percent to 88, and single-family home sales totaled 33, a nearly 74 percent jump.
Prices rose. The median price of condos was $698,000, a 16.5 percent increase from the first quarter of last year. The median price of houses was nearly $4.5 million, up 6 percent.