Residential sales continued to rise throughout South Florida in the first quarter, with condo sales taking the lead in some submarkets, according to Douglas Elliman’s reports.
As a result of shrinking single-family home inventory, pricing skyrocketed for both homes and condos. In Miami Beach, for example, single-family sales jumped by a whopping 162 percent and the median price climbed 42 percent to $2.3 million, according to the reports, which are authored by Jonathan Miller of Miller Samuel Inc.
Miami mainland
Residential sales rose 4.4 percent to nearly 3,500 sales on the coastal Miami mainland, which includes Aventura, Brickell, Coconut Grove, Palmetto Bay, Pinecrest and South Miami.
Condo sales rose 13 percent to 1,950 closings, and single-family home sales fell by nearly 5 percent to 1,541 closings. Condo supply far outweighed single-family home supply in the first quarter. Condo supply was eight months, with just 2.8 months of single-family home supply.
The median sale price for condos was $300,000, up 14 percent annually. The median price for single-family homes rose 26 percent to $510,000.
Miami Beach
Sales of both condos and houses jumped 85 percent to 1,425 closings in Miami Beach and the barrier islands, which includes Bal Harbour, Bay Harbor Islands, Fisher Island, Golden Beach, Indian Creek, Key Biscayne, North Bay Village, Sunny Isles Beach and Surfside. A nearly 10-month supply of single-family homes and condos remained.
Condo sales increased 75 percent to 1,192 sales, while single-family sales rose by 162 percent to 233 closings. The median price of homes reached nearly $2.3 million, up 42 percent. The median condo price rose 44 percent to $510,000.
Condo inventory dropped 57 percent to 11 months of supply. Inventory of single-family homes fell 92 percent to 4.5 months of supply.
Coral Gables
Condo sales didn’t perform as well in Coral Gables. Total condo closings fell to 62 in the first quarter, down 5 percent compared to the first quarter of last year. Single-family home sales rose 46 percent to 139 sales.
The median price of single-family homes increased 18 percent to $1.2 million, and supply fell 73 percent to just 3.3 months.
The median price of condos stayed the same at $375,000. Still condo supply declined by 12 percent to 8.5 months.
Fort Lauderdale
Condo sales and single-family home sales each rose by about 59 percent, to 787 and 688 closings, respectively. The median price of condos increased by 17 percent to $390,000. The median price of single-family homes grew by 21 percent to $525,000.
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South Florida
Single-family saves the day. Q3 resi sales up in South Florida
Inventory continued dwindling, down 72 percent to nearly 2 months of single-family homes supply. For condos, supply fell 53 percent compared to the same period of last year, to 4.1 months of supply.
Palm Beach
Condo sales soared in Palm Beach, up 96 percent, year over year, to 172 closings. Single-family home sales totaled 49, a 49 percent jump.
The median price of condos rose 34 percent to $937,000, and the median price of homes jumped 48 percent to $6.6 million. Supply of both condos and houses dropped to two months.
West Palm Beach
Just over the bridge in West Palm Beach, residential sales increased, but at a less dramatic level. Condo sales grew by 35 percent to 826 closings, and home sales rose by 27 percent to 558 closings.
Median prices for single-family homes and condos each rose by 23 percent, to $378,000 and $175,000, respectively.