New year, new South Florida? Home sales were up in Miami-Dade, Broward and Palm Beach counties at the start of 2018, according to new reports from the Florida Realtors. Median prices were also on the rise.
The higher sales figures follow a slow 2017. Despite an overall increase in residential dollar sales volume in South Florida’s three counties last year, the number of sales fell.
Miami-Dade
Residential sales posted the biggest overall increase in the tri-county region, rising 5.3 percent year-over-year to 1,820 closings in January. Single-family home sales lagged behind condo and townhouse sales, increasing only 2.1 percent to 875. Condo sales rose 8.1 percent to 945.
The median price for a house was $330,000 last month, up 6.5 percent from the previous year, and the median price for a condo was $230,000, an annual increase of about 3.5 percent.
Broward
In Broward, residential sales totaled 2,146 in January, up 3.67 percent year-over-year. The increase is thanks to a big leap in condo sales and a slight drop in single-family home closings. Condo and townhouse sales rose 7.8 percent to 1,167, while three fewer houses sold, a 0.3 percent decline to 979 closings.
The median price of a single family home increased 10.8 percent to $345,000, and the median price of a condo rose 8.8 percent to $156,000.
Palm Beach
The northernmost county experienced a smaller bump in residential sales in January. Closings increased only 1 percent to 2,014 due to a 3.8 percent drop in single-family home sales, which totaled 1,103 last month. Condos and townhouse sales lept 7.6 percent to 911 closings.
But home prices continued their steady rise. The median price for a single-family home in Palm Beach County was $325,000 in January, a 4.8 percent increase. The median price for a condo/townhouse was $170,000, up a whopping 13.3 percent.