South Florida’s residential market began to show signs of cracking in March, with home sales mostly flat in Miami-Dade and Broward, and up only slightly in Palm Beach, year-over-year, as the pandemic began to impact closings and new inventory.
Still, sales dollar volume and prices continued to rise across the region, according to Miami Association of Realtors’ reports.
After soaring earlier this year, residential sales stayed fairly even in March, compared to the same month last year. Total home sales increased by 10 closings, up 0.43 percent to 2,323. Single-family home sales increased 1.6 percent to 1,100, while condo sales declined by 0.6 percent to 1,223.
Sales dollar volume still rose, up 8.3 percent to $641.2 million for single-family homes, and up 12.1 percent to $557.8 million for condos.
Prices also jumped. The median price for single-family homes increased 9 percent year-over-year in March to $382,750. The median price for condos grew by 9.8 percent to $269,000.
Five more homes and condos sold in March of this year in Broward County, compared to the same month of last year. Residential sales totaled 2,835, a 0.18 percent increase. Single-family sales declined by 1 percent to 1,342, and condo sales rose by 1.2 percent to 1,493.
The median price for single-family homes was $390,000, a 6.8 percent annual increase, and for condos it was $180,000, a 6.2 percent jump.
Single-family home dollar volume increased 11.7 percent to $673.8 million, and condo dollar volume increased 3.3 percent to $352.2 million.
Palm Beach County fared slightly better than the rest of South Florida. Residential sales increased 4 percent year-over-year to 2,836. Single-family home sales rose 2.2 percent to 1,554, and condo sales increased 6.4 percent to 1,282.
Single-family home sales dollar volume increased 14 percent to $949.5 million. Condo dollar volume increased 7.7 percent to $456.1 million.
The median price for single-family home prices increased 5.7 percent to $370,000. For condos, the median price jumped 13.7 percent to $199,000.