April resi sales flat in Palm Beach, up slightly in Miami and Broward

Price growth is slowing across three counties

Miami skyline (Credit: iStock)

Miami skyline (Credit: iStock)

Miami-Dade

After a rough first quarter, residential sales in Miami-Dade increased slightly in April, up 1.1 percent year-over-year to 2,629 closings. The total sales volume in April was $1.23 billion, compared to $1.19 billion a year earlier.

Single-family home sales rose nearly 4 percent to 1,265, while condo sales decreased by 1.4 percent to 1,364, according to the Miami Association of Realtors. In March, condo sales rose sharply, up 18 percent year-over-year.

Prices increased as well, up 3.2 percent in April for single-family homes to $356,000, and up 2.8 percent to $248,000 for condos.

Broward

Residential closings rose in Broward as well, increasing by 4.4 percent year-over-year to 3,141 sales. That’s thanks to an 11.8 percent jump in single-family home sales, up to 1,541 closings. Condo sales in Broward fell by nearly 2 percent to 1,600 closings.

The total sales volume passed the $1 billion mark, totaling $1.1 billion in April, up from nearly $987 million.

Despite the jump in single-family home sales, the median price of a house rose only 1.3 percent to $360,000. The median price of condos increased by 5.3 percent to $170,000.

Palm Beach

Residential sales were essentially flat year-over-year in Palm Beach County, increasing by 0.03 percent or one sale. Single-family home sales rose to 1,714 closings, up 1.4 percent. Condo sales fell by 1.6 percent to 1,384.

Sales volume also remained flat at $1.4 billion, as did the median price of single-family homes, which was $350,000 in April. Condo prices increased slightly, by 1.8 percent, to $185,000.

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Minto opens Westlake project to the public

Minto Communities held a ribbon-cutting ceremony at Westlake’s grand opening.
The grand opening on Saturday for Westlake in Palm Beach County attracted hundreds of people, including some who bought homes at the 3,800-acre development. Minto Communities, the developer, opened the development’s sales center to the public along with six model homes at The Hammocks, the first neighborhood at Westlake.
Mike Belmont, president of Minto Communities USA, told the Palm Beach Post that the company sold about 20 homes Saturday. Prices start at $276,990 for homes with the Sage-model floor plan. In addition to thousands of homes, the master-planned Westlake development eventually will have 2.2 million square feet of non-residential properties, including restaurants, retail stores and schools. [Palm Beach Post] – Mike Seemuth

Source: The Real Deal Miami