Residential sales in April continued to soar as the South Florida housing market stays busy.
Residential sales volume totaled $8.3 billion in Miami-Dade, Broward and Palm Beach counties last month, up 232 percent compared to the $2.5 billion closed last April. That’s in part due to the fact that residential sales had dropped dramatically last April when the pandemic shut business down nationwide.
In the first quarter leading up to April, sales and prices jumped compared to the previous year as a result of the huge increase in demand.
Miami-Dade
Total residential sales in Miami-Dade County rose 151 percent year over year in April to 3,960 closings. Single-family home deals increased 83 percent to 1,584, while condo sales increased 234 percent to 2,376.
Dollar volume totaled $3.5 billion, with single-family dollar volume increasing 247 percent to $1.8 billion and condo dollar volume increasing 458 percent to $1.7 billion.
The median price for single-family homes rose 35 percent year over year to $515,000. For condos, it increased 23 percent to $325,000.
Broward
Residential sales increased 104 percent to 4,006 closings. Single-family home sales rose 81 percent to 1,782, and condo sales increased 127 percent to 2,224 sales.
Dollar volume in Broward totaled $1.9 billion. Single-family dollar volume increased 162 percent to $1.2 billion, and condo dollar volume jumped 177 percent to $640 million.
Both single-family and condo median prices increased in Broward, though less dramatically than in Miami-Dade. The median price for single-family homes rose 22 percent to $464,000, while the median condo price increased 20 percent to $220,000.
Palm Beach
Residential sales in Palm Beach County jumped 95 percent to 4,006 closings in April. Single-family home sales increased 67 percent to 1,989, and condo sales increased 134 percent to 2,017.
The total sales volume in the county last month was $2.9 billion, with single-family dollar volume increasing 198 percent to $2.1 billion, and condo dollar volume increasing 188 percent to 857.4 million.
The median single-family home price increased 28 percent to $466,000. For condos, it increased 23 percent to $240,250.