South Florida resi sales, prices jump in the first quarter

Sales volume totaled nearly $16B in Miami-Dade, Broward and Palm Beach

Miami /
May.May 12, 2021 05:30 PM
(iStock)

(iStock)

South Florida’s residential sales increased in the first quarter of this year, as the housing market remains hot.

A lack of inventory continues to plague parts of South Florida, with the luxury sector outperforming other price points, according to the Miami Association of Realtors.

In the first quarter, residential sales volume totaled $15.8 billion in Miami-Dade, Broward and Palm Beach counties.

Miami-Dade

Residential sales increased 40 percent to 8,447 closings in the first quarter. Single-family home sales rose 26 percent to 3,611 closings, while condo sales also increased, this time by 53 percent to 4,836 closings.

Dollar volume in Miami-Dade totaled $6.4 billion. Single-family home sales volume totaled $3.5 million and condo sales volume increased to $2.9 billion. Single-family home and condo dollar volume jumped 123 percent and 118 percent, respectively.

The luxury market, defined as $1 million and up, saw a huge jump in sales as well. Single-family home sales surged 183 percent to 679 transactions, and luxury condo sales increased by 188 percent to 553 transactions in the first quarter.

The median single-family price rose to $470,000, increasing 25 percent year over year. The median condo price increased by 15 percent to $297,000.

Broward

Residential sales in Broward County increased 30 percent year over year to 9,131. Condo sales grew by 31 percent to 4,864. Single-family homes sales rose 28 percent to 4,267 closings.

Single-family sales volume increased 57 percent to $2.7 billion. Condo volume rose 58 percent to $1.4 billion.

The median condo price increased 17 percent to $206,000, and the median single-family home price rose 15 percent to $435,000.

Luxury single-family home sales in Broward jumped 105 percent to 419 closings in the first quarter. Luxury condo sales increased 169 percent to 164 closings.

Palm Beach

Sales increases in Palm Beach County were less dramatic than in Broward or Miami-Dade, likely due to declining inventory. Residential sales grew by only 10 percent to 7,753 sales. Condo sales increased 15 percent to 3,665 closings, while single-family home transactions rose 5 percent to 4,088.

Luxury single-family home sales jumped 75 percent year over year in the first quarter, and luxury condo sales rose 72 percent.

Single-family sales volume increased 61 percent to $3.8 billion, while condo sales volume totaled $1.5 billion, a 40 percent annual increase.

The median price for single-family homes rose 19 percent to $435,000. The median price for condos increased by 22 percent to $233,000.





    Related Articles

    arrow_forward_ios
    Aloft Miami Dadeland hotel at 7600 Southwest 88th Street (Marriot)
    Interdevco pays $16M for Aloft Miami Dadeland hotel
    Interdevco pays $16M for Aloft Miami Dadeland hotel
    Moderno Development managing partner Doron Broman and a rendering of Rivr Lofts (Cube 3, Moderno Development)
    Moderno nabs $102M construction loan for Fort Lauderdale apartment tower
    Moderno nabs $102M construction loan for Fort Lauderdale apartment tower
    Sean “P. Diddy” Combs, DJ Khaled, Trippie Redd, Lil Wayne, Rick Ross and Kodak Black (Getty, iStock, Illustration by Shea Monahan for the Real Deal)
    South Florida’s rapper resi market is super dope fire
    South Florida’s rapper resi market is super dope fire
    A photo illustration of the Apogee Residences Miami Beach at 800 South Pointe Drive (Zilbert, iStock)
    Closing at Apogee tops Miami-Dade’s weekly condo sales
    Closing at Apogee tops Miami-Dade’s weekly condo sales
    Miami Heat's Pat Riley with Surf Club Four Seasons (Surf Club, Getty)
    Miami Heat’s Pat Riley scores a $23M Surf Club Four Seasons condo sale
    Miami Heat’s Pat Riley scores a $23M Surf Club Four Seasons condo sale
    An aerial view of the land with the buyer Dacar Management’s Alberto Micha-Buzali (Google Maps, LinkedIn)
    Dacar pays $22M for 119 acres outside Miami-Dade’s Urban Development Boundary
    Dacar pays $22M for 119 acres outside Miami-Dade’s Urban Development Boundary
    From left: Prestige Companies COO Alexander Ruiz, CEO Marty Caparros, and partner Dennis Rodriguez (Prestige Companies, Compass)
    Prestige JV pays $15M for Salvation Army site in Hialeah, plans 112 rentals
    Prestige JV pays $15M for Salvation Army site in Hialeah, plans 112 rentals
    Cognito's John Backus and 7960 Biscayne Point Circle (LinkedIn, Zillow)
    Ex-nightclub mogul Francis Milon sells waterfront Miami Beach home for $13M
    Ex-nightclub mogul Francis Milon sells waterfront Miami Beach home for $13M
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...