South Florida’s single-family home market boomed in the fourth quarter of 2020, in many cases spilling over into condo sales, according to Douglas Elliman’s reports.
Brokers have reported an uptick especially in the luxury end of the market, citing a surge of buyers from the Northeast, California and Midwest who want to take advantage of Florida’s favorable climate and lack of state income tax. Single-family homes continued to outperform condos, according to the reports, which are authored by Jonathan Miller of Miller Samuel Inc.
At the same time, median prices continued to climb, while inventory declined across the region, with some exceptions for condos.
On the coastal Miami mainland, which includes Aventura, Brickell, Coconut Grove, Palmetto Bay, Pinecrest and South Miami, residential sales rose 24 percent, year-over-year, to 4,650 closings in the fourth quarter, with both condo and home sales increasing at a similar pace.
The median price for a residential property was $380,000, up 13 percent compared to the previous year. Inventory fell more than 20 percent to 8,654 residential units on the market.
Condo sales rose about 26 percent, year-over-year, to 2,366, and single-family home sales totaled 2,284, a 22 percent annual increase. Inventory of single-family homes dropped by 40 percent, to 2,064 homes. Condo inventory also decreased, by 12 percent to 6,590 units listed for sale.
Miami Beach and the barrier islands
In Miami Beach and the barrier islands, including Bal Harbour, Bay Harbor Islands, Fisher Island, Golden Beach, Indian Creek, Key Biscayne, North Bay Village, Sunny Isles Beach and Surfside, residential sales grew by 52 percent, year-over-year, to 1,176 closings in the fourth quarter.
The median price jumped, by 33 percent to $530,000 for all residential properties. And inventory declined by 7 percent, to 6,020 listings.
Condo sales increased 36 percent to 952 closings, while single-family home sales surged, rising a whopping 195 percent to 224 closings in the fourth quarter. Inventory again declined, down 3.5 percent to 5,490 condo listings, and down 30 percent to 530 single-family home listings.
Condo sales increased 15 percent, year-over-year, to 566 closings, while single-family home sales rose 32 percent to 62 closings in Fort Lauderdale.
Again, homes fared better than condos. Inventory of condos increased slightly, up 3 percent to 1,472 listings, and the median condo price rose 5.5 percent to $316,500. The median price of homes grew by 28 percent to $2.7 million, and inventory fell by 32 percent to 223.
West Palm Beach
Though single-family home sales jumped 33 percent to 616 closings in West Palm Beach, condos weren’t as popular. Condo sales dropped 20 percent to 515 in the fourth quarter. Prices rose slightly, up nearly 4 percent to $134,000 for condos, and up 18 percent to $360,000 for houses.
Inventory of both fell, by 10 percent to 1,037 condo listings and by 35 percent to 458 single-family home listings.
Single-family home sales exploded on Palm Beach island, increasing 329 percent, year-over-year, to 60 closings in the fourth quarter. The median price rose 29 percent to $4.9 million for houses, and inventory dropped by 60 percent to 59 listings.
Condo sales also rose, up 73 percent to 104 closings. The median condo price jumped to $745,000, a 17.5 percent annual increase. There were 200 listings, marking a 15 percent decline in inventory.
Jupiter and Palm Beach Gardens
In Jupiter and Palm Beach Gardens, condo sales dropped by 12 percent to 174 closings, but single-family home sales increased to 339 closings, a 46 percent jump.
The median price for both condos and houses rose 21 percent, to $375,000 for condos and to $640,000 for houses. Condo inventory dropped by 30 percent to 190 listings, and single-family home inventory fell by 44 percent to 204 closings.