One year post-Irma: Resi sales surge in South Florida in SeptemberNovember 2, 2018
A year after a dismal volume of closings due to Hurricane Irma, residential sales in South Florida are back up, according to the September figures from the Florida Realtors.
Residential sales jumped 35.7 percent year-over-year to 2,019 closings. Condo sales increased 29.5 percent to 1,041, while home sales rose by a whopping 43 percent to 978. The median sale price continued rising, although at a slower pace than before. For condos, the median price rose 1.3 percent to $237,500 and for houses, it rose 7.5 percent to $360,000.
Countywide, residential sales volume in September totaled $900 million.
Closed sales rose to 2,341 in September, a 13.3 percent annual increase. Condo sales increased 8.8 percent to 1,199, while home sales totaled 1,142 – an 18.5 percent jump. The residential sales volume in Broward County totaled nearly $750 million.
The median sale price rose 5.8 percent to $165,000 for condos, but it fell 2.1 percent for houses, down to $350,000.
In Palm Beach, residential closings increased 17.8 percent year-over-year to 2,261. Condo sales surged to 1,034, a 24.3 percent jump. Home sales rose nearly 13 percent to 1,227. Sales volume for both condos and single-family homes totaled $849.1 million.
The median price for condos increased slightly, up 1.7 percent to $175,000, while the median price for houses went up to $345,000, a 6.2 percent increase.