South Florida’s residential sales rise in Q3, led by surge in Palm Beach County

After a rough second quarter with double-digit declines, South Florida’s residential markets bounced back in the third quarter, with luxury leading the way.

Single-family home sales rose in all three counties, but condo sales dropped in Miami-Dade and Broward, according to the Miami Association of Realtors. Median prices also continued rising throughout the region. Closed dollar volume in all three counties totaled $11.7 billion.

Miami-Dade

Year-over-year residential sales rose 3.5 percent in Miami-Dade County, to 7,351. Single-family home sales increased by 9.2 percent to 3,839, according to the report. Condo sales fell in Miami-Dade, by 2.2 percent to 3,512.

Meanwhile, luxury single-family home sales jumped, rising more than 55 percent to 441 closings in the third quarter.

Closed dollar volume for single-family home sales rose nearly 40 percent to $2.8 billion, while condo dollar volume increased 10.5 percent to $1.5 billion.

Median prices kept rising, up 13.5 percent to $420,000 for single-family homes. Condo prices rose 7.8 percent to $264,000.

Broward

Total home sales in Broward increased 4.2 percent to 9,043, thanks to a 12.9 percent jump in single-family home sales. Condo closings fell by 4.4 percent, to 4,190.

Sales of both luxury condo and single-family homes increased in Broward, rising 82 percent to 344 houses sold and rising nearly 31.5 percent to 63 condos sold.

Closed dollar volume of single-family homes totaled $2.6 billion, up nearly 33 percent, and condo dollar volume reached $1 billion, a 7.5 percent annual increase.

Median single-family home prices rose 11.8 percent, year-over-year, to $413,500. Condo prices rose 14.3 percent, year-over-year, to $197,750.

Palm Beach

In Palm Beach County, total home sales rose 15.2 percent, year-over-year, to 9,271, marking the largest countywide increase in South Florida. Single-family home sales jumped 17.1 percent to 5,498. Unlike in Broward and Miami-Dade, condo sales increased, rising nearly 13 percent to 3,773.

Luxury again outperformed the rest of the market, growing nearly 83 percent, year-over-year, to 598 high-end single-family home sales, and up 52.5 percent for luxury condo sales, totaling 151 sales.

Dollar volume of single-family homes rose 44.3 percent to $3.8 billion. Condo dollar volume increased 15.2 percent to $1.2 billion.

Single-family home median prices rose 12.4 percent, year-over-year, to $399,000, while condo prices rose 10.9 percent to $205,250.

Palm Beach County single-family home dollar volume rose 44.3 percent to $3.8 billion. Palm Beach condo dollar volume increased 15.2 percent to $1.2 billion.