South Florida’s residential markets performed well in the first quarter, just as the coronavirus pandemic began to take hold in the region.
Closed sales dollar volume in the tri-county region totaled nearly $9 billion between January and the end of March, according to the Miami Association of Realtors. Single-family and condo sales were up in each county, year-over-year, and prices also rose across South Florida.
Total residential sales rose 6.8 percent, year-over-year, to 6,042 in Miami-Dade County during the first quarter. Single-family home sales jumped 7.9 percent to 2,871. Condo sales increased 5.8 percent to 3,171.
Single-family sales dollar volume rose 8.3 percent to $1.6 billion. Condo dollar volume increased 4.7 percent to $1.3 billion.
The median price for single-family homes in Miami-Dade increased 7.1 percent to $375,000, while the median price for condos rose 7.5 percent to $257,975.
In Broward County, total residential sales increased 3.4 percent year-over-year to 7,025. Single-family home sales outperformed condos, rising 4.6 percent to 3,322. Condo sales increased 2.2 percent to 3,703.
Single-family sales dollar volume climbed 19.3 percent to $1.7 billion. Condo sales volume jumped 9.9 percent to $885 million.
The median price for single-family homes in Broward was $380,000 in the first quarter, a 7 percent increase compared to the first quarter of last year. The median price for condos grew by 6.6 percent to $175,875.
Total home sales increased 11.9 percent, year-over-year, in Palm Beach, up to 7,073 in the first quarter. Single-family home sales rose 12 percent to 3,881, and condos also grew by 12 percent to 3,192.
Sales volume of single-family homes totaled $2.4 billion countywide, a 25.1 percent increase from the first quarter of 2019. Condo sales volume jumped by 22.7 percent to $1.1 billion, for a total residential sales volume of $3.5 billion.
The median price for single-family homes in Palm Beach County increased to $365,000, a 5.8 percent year-over-year increase.The median price for condos increased 9 percent to $190,750.