Some South Florida residential markets continued to experience double-digit sales declines during the first quarter, while inventory rose across much of the tri-county region.
Miami Beach and the barrier islands, which include Bal Harbour, Bay Harbor Islands, Fisher Island, Golden Beach, Indian Creek, Key Biscayne, North Bay Village, Sunny Isles Beach and Surfside, saw modest median price growth, as single-family home and condo sales fell in the first quarter of this year, according to the latest Douglas Elliman reports.
In general, inventory grew inconsistently across cities in Miami-Dade, Broward and Palm Beach counties. Jonathan Miller of the appraisal firm Miller Samuel authors the reports, which are based solely on sales recorded in the Multiple Listing Service for the quarter ending March 31.
The share of cash sales remained strongest in Palm Beach, accounting for 94 percent of all on-market closings. Miami Beach and Delray Beach trailed behind with cash closings accounting for 73 percent and 64 percent of sales, respectively, in the first quarter.
Inconsistency was also felt in terms of annual sales. While single-family home sales fell in Coral Gables, condo sales surged. But condo sales decreased along the barrier islands, where supply is greatest, as single-family home sales in that market also dropped.
Miami Beach and the barrier islands
Residential sales fell 18 percent, year-over-year, to 650 closings in Miami Beach and the barrier island markets. The median sale price rose 4 percent to $782,500.
Single-family home sales fell 23 percent to 74 closings, while condo sales fell 17 percent to 576 sales. Inventory of single-family homes jumped 79 percent to 704 listings. Condo inventory jumped 29 percent to 4,239 listings.
The median price of single-family homes rose 25 percent to $3.7 million, and the median price of condos increased as well, by nearly 6 percent, to $652,500.
Coral Gables
Single-family home sales in Coral Gables dropped 11 percent, year-over-year, to 71 closings in the first quarter. The median sale price of single-family homes increased 46 percent to $2.6 million. Inventory grew 22 percent to 213 listings.
Condo sales rose 75 percent to 56 closings, but the median sale price fell 5 percent to $590,000. Inventory also grew, by 26 percent to 162 condo listings by the end of the first quarter.
Fort Lauderdale
In Fort Lauderdale, single-family home sales slipped nearly 3 percent, year-over-year, to 371 closings. The median sale price increased 12 percent to $775,000. Inventory rose 35 percent to 1,088 listings.
Condo sales increased slightly, by 1.6 percent, to 433 sales. The median price decreased by 7.6 percent to $425,000. Inventory increased to 2,007 listings, a 40 percent jump, year-over-year.
Palm Beach
Single-family home sales rose 63 percent in Palm Beach for a total of 31 on-market closings. The median price grew 12 percent, year-over-year, to $14 million. Inventory increased 16 percent to 101 listings.
Condo sales on the island rose 6 percent to 70 closings. The median sale price of condos grew 7 percent to $1.5 million. Inventory also rose 50 percent to 317 listings.
Wellington
Wellington’s single-family home sales rose 3 percent, year-over-year, to 141 closings. Inventory grew 22 percent to 392 listings, and the median sale price dropped 4 percent to $750,000.
Condo sales rose 66 percent to 53 closings. The median sale price of condos grew 1.6 percent to $457,000. Inventory increased 53 percent to 159 listings.
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