Luxury home sales soared throughout South Florida in February, continuing a monthslong trend in the tri-county region.
A lack of inventory pushed prices up yet again in Miami-Dade, Broward and Palm Beach counties. In all, sales volume totaled about $4.6 billion in the tri-county region, according to reports from the Miami Association of Realtors.
Miami-Dade
In Miami-Dade County, residential sales rose 33.5 percent in February, year over year, to 2,485 closings. Single-family home sales increased nearly 24 percent to 1,093, and condo sales jumped 42 percent to 1,392.
Luxury single-family homes priced at $1 million and up soared, rising 203 percent to 200 sales. Luxury condo sales lept to 163 closings, an annual increase of more than 213 percent.
Single-family sales dollar volume jumped by 124 percent to $1 billion, and condo dollar volume increased 131 percent to $859 million.
Median prices continued to rise, as well. Single-family home prices rose nearly 22 percent to $450,000, and condo prices increased nearly 18 percent to $300,000.
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Broward County
In Broward County, residential sales jumped 25 percent in February, year over year, to 2,694. Single-family home sales rose 24 percent to 1,243, and condo sales grew by 26 percent to 1,451.
Luxury single-family home sales climbed by 98 percent to 117 sales, while luxury condo sales soared 200 percent to 54 transactions.
Single-family sales dollar volume increased 44 percent to $786 billion, and condo sales volume jumped by 52 percent to $422 million.
Single-family home prices in Broward were up 12.5 percent to $433,000. Condo prices rose 11 percent to $200,000.
Palm Beach
In Palm Beach County, residential sales increased slightly, up 3.1 percent in February to 2,318. Single-family home sales decreased nearly 2 percent to 1,211, and condo sales increased 9 percent to 1,107.
Luxury home sales, meanwhile, jumped 62 percent to 172 sales. Condo sales climbed by 94 percent to 93 closings.
Single-family home dollar volume increased 36 percent to $1 billion. Condo sales volume totaled $483 million, a 43 percent annual increase.
Single-family home prices rose 24 percent to $450,000, and condo prices grew by 25 percent to $236,000.