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Miami condo sales surged in March. Resi sales fell elsewhere in South Florida

May 14, 2019
Miami (Credit: iStock)

Miami (Credit: iStock)

Miami’s condo market stood out in March — not for oversupply but for a boost in sales.

Residential sales throughout the tri-county South Florida region reported declines last month, with the exception of Miami’s condo market. Prices generally kept rising, but price growth slowed down compared to previous years.

Miami-Dade

Residential sales increased 7.6 percent year-over-year to 2,313 in March, thanks to a nearly 18 percent jump in condo sales, up to 1,230. Single-family home sales decreased by 1.9 percent to 1,083.

Sales totaling $1.1 billion closed in March, up 7.8 percent from the previous year.

Prices kept rising, but at a slower pace than before. The median price of a single-family home in March was $351,000, up 0.9 percent from the previous year. For a condo, the median price increased 6.7 percent to nearly $345,000.

Broward

A 3.3 percent decline in condo sales in Broward brought overall residential closings down slightly. Residential sales decreased 1.2 percent year-over-year in March to 2,830. Single-family home sales increased by 1.3 percent to 1,355, while condo sales fell to 1,475 from 1,525.

In Broward, residential sales volume increased to $944.1 million in March, up from $911.6 million the previous year.

The median price for single-family homes rose 4.1 percent year-over-year to $365,000. The median condo price increased by 4.3 percent to $169,525.

Palm Beach

Home sales dropped nearly 10 percent in March, down to 2,726 closings. Single-family home sales declined by 8.9 percent to 1,521, and condo sales decreased 10.5 percent to 1,205. The total sales volume declined as well, down 7 percent to $1.3 billion.

Price growth also slowed down. The median price of a single-family home increased slightly, up less than 1 percent to $350,000, while the median condo price fell by 1.1 percent to $175,000.

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