Residential sales fell across much of South Florida in the first quarter, as inventory continued to be absorbed at a faster clip than new listings were added.
Sales rose in parts of Miami-Dade County, including Miami Beach and other barrier islands, but fell in Palm Beach, West Palm Beach and other northern cities, according to the Douglas Elliman reports, authored by Jonathan Miller of Miller Samuel. Median prices also continued to climb, and bidding wars became common.
Rising interest rates are expected to slow sales, according to the reports. But a majority of sales are cash sales, especially in the high-end, million-dollar-and-up market.
Miami coastal mainland
Residential sales jumped 51 percent, year-over-year, to 5,273 closings in the coastal areas of Miami-Dade, which include Greater Downtown Miami, Coconut Grove, Palmetto Bay and other neighborhoods.
Condo sales rose 69 percent to 3,292 closings in the first quarter. Inventory fell 63 percent to 1,951 listings. The median price of a condo in that area grew 33 percent, year-over-year, to $400,000.
Single-family home sales increased 29 percent to 1,981 sales. Inventory declined 20 percent to 1,130 listings. The median price for single-family homes was $585,000, up 15 percent compared with the first quarter of last year.
Miami Beach and the barrier islands
On the barrier islands of Miami Beach, Bal Harbour, Bay Harbor Islands, Fisher Island, Golden Beach, Indian Creek, Key Biscayne, North Bay Village, Sunny Isles Beach and Surfside, residential sales rose 34 percent to 1,893 closings in the first quarter.
That’s because of growing condo sales, which increased 47 percent annually to 1,476 closings. Inventory of condos declined 56 percent to 1,893 listings. The median price increased 5 percent to $536,000.
Single-family home sales fell 31 percent compared with the same period last year, to 161 closings. The median price rose 19 percent to $2.7 million, and inventory fell 33 percent to 232 listings.
Single-family home sales rose 6.5 percent to 148 closings in Coral Gables, while condo sales surged 107 percent to 128 sales. The number of condo listings fell 62 percent to 67 listings, and single-family home inventory dropped 6 percent to 62 closings.
Prices kept growing. The median price of single-family homes in Coral Gables rose 57 percent to $1.8 million, and up 37 percent for condos to $512,000.
Residential sales decreased in Fort Lauderdale, by 1 percent, year-over-year, to 780 condo sales, and by 19 percent to 556 single-family home sales in the first quarter.
The median price of condos grew 13 percent to $440,000, and the median price of single-family homes rose 24 percent to $649,000. Inventory, meanwhile, continued to fall. Condo listings decreased 69 percent to 333, and listings of single-family homes dropped 30 percent to 302.
In Palm Beach, where sales have soared over the past two years, limited inventory and sky-high pricing put a damper on activity. Condo sales decreased 31 percent to 119 closings, and single-family home sales totaled 21, down 5 percent, year-over-year.
The median condo price fell slightly, by 2 percent to $920,000. For single-family homes, the median price jumped 51 percent to about $10 million.
Inventory fell 43 percent to 65 condo listings, and fell 71 percent to 53 single-family home listings.
West Palm Beach
Across the Intracoastal Waterway, in West Palm Beach, residential sales also declined. Condo sales declined 7 percent to 771 closings compared with the first quarter of last year. Single-family home sales fell 14 percent to 479 closings.
The median price of condos increased 14 percent to $199,000, and the median price of single-family homes rose 23 percent to $464,000. Inventory of condos dropped 67 percent to 242 listings, and inventory of single-family homes fell 27 percent to 188 listings.