South Florida’s residential sales rise in Q3, led by surge in Palm Beach County

South Florida’s residential markets bounced back in the third quarter

South Florida’s residential markets bounced back in the third quarter

After a rough second quarter with double-digit declines, South Florida’s residential markets bounced back in the third quarter, with luxury leading the way.

Single-family home sales rose in all three counties, but condo sales dropped in Miami-Dade and Broward, according to the Miami Association of Realtors. Median prices also continued rising throughout the region. Closed dollar volume in all three counties totaled $11.7 billion.

Miami-Dade

Year-over-year residential sales rose 3.5 percent in Miami-Dade County, to 7,351. Single-family home sales increased by 9.2 percent to 3,839, according to the report. Condo sales fell in Miami-Dade, by 2.2 percent to 3,512.

Meanwhile, luxury single-family home sales jumped, rising more than 55 percent to 441 closings in the third quarter.

Closed dollar volume for single-family home sales rose nearly 40 percent to $2.8 billion, while condo dollar volume increased 10.5 percent to $1.5 billion.

Median prices kept rising, up 13.5 percent to $420,000 for single-family homes. Condo prices rose 7.8 percent to $264,000.

Broward

Total home sales in Broward increased 4.2 percent to 9,043, thanks to a 12.9 percent jump in single-family home sales. Condo closings fell by 4.4 percent, to 4,190.

Sales of both luxury condo and single-family homes increased in Broward, rising 82 percent to 344 houses sold and rising nearly 31.5 percent to 63 condos sold.

Closed dollar volume of single-family homes totaled $2.6 billion, up nearly 33 percent, and condo dollar volume reached $1 billion, a 7.5 percent annual increase.

Median single-family home prices rose 11.8 percent, year-over-year, to $413,500. Condo prices rose 14.3 percent, year-over-year, to $197,750.

Palm Beach

In Palm Beach County, total home sales rose 15.2 percent, year-over-year, to 9,271, marking the largest countywide increase in South Florida. Single-family home sales jumped 17.1 percent to 5,498. Unlike in Broward and Miami-Dade, condo sales increased, rising nearly 13 percent to 3,773.

Luxury again outperformed the rest of the market, growing nearly 83 percent, year-over-year, to 598 high-end single-family home sales, and up 52.5 percent for luxury condo sales, totaling 151 sales.

Dollar volume of single-family homes rose 44.3 percent to $3.8 billion. Condo dollar volume increased 15.2 percent to $1.2 billion.

Single-family home median prices rose 12.4 percent, year-over-year, to $399,000, while condo prices rose 10.9 percent to $205,250.

Palm Beach County single-family home dollar volume rose 44.3 percent to $3.8 billion. Palm Beach condo dollar volume increased 15.2 percent to $1.2 billion.

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