South Florida’s residential sales rose in March compared to the same month last year, when the coronavirus pandemic began to take its economic toll on the country.
Still, home and condo sales have been on the rise in the tri-county region for months, as more buyers migrate from high-tax states and borrowers take advantage of low interest rates, resulting in less inventory.
Sales volume for all three counties totaled more than $7.3 billion in March, spurred by skyrocketing luxury sales, which tripled in Miami-Dade County.
Last March, as businesses began to shut down and many employees started working remotely, residential sales were largely flat in Miami-Dade, Broward and Palm Beach counties.
Residential sales increased 62 percent to 3,751 closings in March. Condo sales experienced the biggest jump, up 80 percent to 2,201 closings. Single-family home sales rose by 41 percent to 1,550.
As a result, sales dollar volume grew, increasing more than 148 percent to $1.6 billion for single-family home sales, and up 143 percent to $1.4 billion for condo sales.
Prices continued to climb. The median single-family home was priced at $491,250, an annual jump of 28 percent. The median condo price increased by 13 percent to $305,000.
Though smaller in terms of number of homes and condos, the luxury sector outperformed other price points. Luxury single-family home sales, defined as $1 million and up, grew 225 percent to 312 sales, and luxury condo sales increased 204 percent to 277 closings in March.
Broward’s total home sales were more modest, rising 42 percent to 4,021 sales. Single-family home sales accounted for less than half of the closings, increasing 39 percent to 1,870. Condo sales grew by 44 percent to 2,151.
Luxury single-family home sales jumped 150 percent to 210 sales, and luxury condo sales rose 220 percent to 80 closings.
The total sales volume for single-family homes totaled $1.2 billion, an 84 percent surge, and condo dollar volume grew by 79 percent to $629 million.
Single-family home prices increased 14 percent to $445,000, while condo prices rose nearly 17 percent to $210,000.
Residential sales in Palm Beach County rose 18.5 percent in March to 3,362 closings. Single-family home sales increased 11 percent to 1,723, while condo sales grew by 28 percent to 1,639.
Luxury single-family home sales jumped 99 percent to 275 closings, and luxury condo sales increased by 74 percent to 125 deals.
The total single-family sales volume reached $1.8 billion, up 90 percent. Condo dollar volume rose more than 50 percent to $686.1 million.
Palm Beach County single-family home prices increased 19 percent, year-over-year, to $440,000. Condo prices increased 23 percent to $245,000.