Inventory, Median Prices Up as South Florida Resi Sales Fall

Price growth and increased inventory were the constant forces across South Florida’s residential markets in the first quarter.

Median prices for condos and single-family homes rose, for the most part, from Miami-Dade County to Palm Beach County, according to Douglas Elliman’s reports, which are based on sales recorded in the Multiple Listing Service.

The reports, authored by Jonathan Miller of Miller Samuel, show continued inconsistency in sales from city to city. While closings generally fell across the tri-county region, some markets like Weston and Palm Beach experienced an increase in single-family home sales. That could keep up amid uncertainty with interest rates.

Miami coastal mainland

Residential sales fell 4.5 percent, year-over-year, to 2,935 closings across the coastal Miami mainland, which includes Greater Downtown Miami, Coconut Grove, Palmetto Bay and other neighborhoods.

The overall median sale price rose 11 percent, year-over-year, to $580,000.

For single-family homes, the median sale price grew 16.4 percent to $710,000. Sales increased 2.3 percent, year-over-year, to 1,423 closings in the first quarter, according to the report. Inventory of single-family homes also rose, 18.4 percent, year-over-year to 2,137.

Condos across the coastal mainland saw the median price rise nearly 5 percent to $435,000. More than 1,500 condos sold in the first quarter, down 10 percent, year-over-year. Inventory grew 42 percent to 4,527 listings.

Miami Beach and the barrier islands

Sales fell 15 percent, year-over-year, to 791 closings in Miami Beach and the barrier island markets, which include Bal Harbour, Bay Harbor Islands, Fisher Island, Golden Beach, Indian Creek, Key Biscayne, North Bay Village, Sunny Isles Beach and Surfside.

The overall median sale price for residential properties was $750,000, up 25 percent, year-over-year.

Single-family home sales declined 33 percent to 96 closings in the first quarter. The median sale price grew 6 percent to nearly $3 million. Inventory increased 8 percent to 393 listings.

Condo sales fell 19 percent, year-over-year, to 695 closings. The median sale price reached $615,000, up 12 percent. Inventory grew 31 percent to 3,293 condo listings.

Coral Gables

In Coral Gables, 80 single-family homes sold in the first quarter, down 23 percent, year-over-year. The median sale price rose 5 percent to $1.7 million. Inventory increased 39 percent, to 174 listings.

Condo sales also fell, down about 16 percent, year-over-year, to 48 closings. The median sale price rose 8 percent to $620,000. Inventory increased 82 percent to 129 listings.

Fort Lauderdale

Single-family home sales decreased just 1 percent in Fort Lauderdale, year-over-year, for a total of 381 closings. The median sale price rose 19 percent to $690,000. Inventory jumped 40 percent to 808 listings.

Condo sales declined about 8 percent to 426 closings by the end of the first quarter. The median sale price was $460,000, up 8 percent compared to the same period of last year. More than 1,400 listings were active, an 83 percent annual increase.

West Palm Beach

Sales of single-family homes also dropped in West Palm Beach, by 14 percent, year-over-year, to 338 closings. The median sale price grew 22 percent to $575,000. Inventory rose 19 percent to 558 listings.

Condo sales fell 18 percent, year-over-year, to 442 closings. The median condo price grew 8 percent, to $248,500. Inventory jumped 72 percent, to 1,174 listings.

Palm Beach

Single-family home sales in Palm Beach increased 19 percent, year-over-year, to 19 closings. The median sale price was $12.5 million, up 40 percent. Inventory grew to 87 listings by the end of the first quarter, a 22.5 percent increase.

Condo sales in Palm Beach, a much smaller market, saw a 14 percent annual decline to 66 closings. The median sale price fell 8 percent to $1.4 million. At the same time, inventory was up 32.5 percent to 212 listings.