Third quarter sales rose in all three counties in South Florida, year-over-year, after months of home sales increases. Home prices also continued growing in Miami-Dade, Broward and Palm Beach counties.
Residential sales in the third quarter rose 15.2 percent, year-over-year, to 6,792 in Miami-Dade County, the highest surge of all three counties. Condo sales increased 16.7 percent to 3,524, and single-family home sales jumped 13.7 percent to 3,268. Sales volume totaled $3.1 billion, up 24 percent from $2.5 billion during the same quarter of last year.
The third quarter of 2017 was slow due to the impact of Hurricane Irma, which could explain why sales experienced double-digit growth.
The median price for single-family homes was $360,000 in the third quarter, up 8.5 percent year-over-year. Condo prices rose at a slower pace, increasing by 3.3 percent to $235,000.
Overall closings increased nearly 6 percent in the third quarter to 8,252, and sales were equally divided between homes and condos. Single-family home sales increased 3.8 percent to 4,133 and condo sales rose 8.2 percent to 4,119. Closed sales volume totaled $2.69 billion, an 8.9 percent annual increase.
The median price for single-family homes in Broward County rose slightly – by 1.4 percent – to $355,000 in the third quarter. Condo prices made bigger gains, with the median price increasing by 5.1 percent to $165,000.
Palm Beach County experienced a slight uptick in sales in the third quarter, compared to the same period of 2017. Residential closings rose 7.4 percent to 7,749 for a total of $3.1 billion, a nearly 15 percent leap from the third quarter of last year. Condo sales increased 7.4 percent to 7,749, and single-family home sales increased 4.6 percent to 4,337.
The median price for single-family homes rose to $345,000, a 3.3 percent increase from $334,000 in the same period last year. The median price for condos increased 4.1 percent year-over-year to $179,000
Original content The Real Deal