Miami condo sales surged in March. Resi sales fell elsewhere in South FloridaMay 14, 2019
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.
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.
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.
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.