Despite slowing home prices and a few rocky months, overall residential sales grew year-over-year in 2018 in South Florida, up to a combined $36.8 billion in the tri-county region, according to the Miami Association of Realtors.
The total number of residential closings rose 3.5 percent in 2018, up to 26,794 closings. Single-family home sales were up 1.1 percent year-over-year to 12,931. Condo closings increased 5.6 percent to 13,863 in 2018.
Total residential sales volume jumped 10.7 percent to $12.4 billion. The median sales price of single-family homes was $350,000, up 7.4 percent from the previous year. For condos, the median price increased 4.5 percent to $225,000.
The report also highlighted the top markets with the lowest months of supply and highest closed sales volumes in 2018. For single-family homes, the top areas were Richmond Heights, Palmetto Estates, the Crossings, South Miami Heights and Miami Gardens. For condos, the top markets included Kendale Lakes, the Hammocks, Naranja, Kendall West and Cutler Bay.
Residential sales rose in Broward County last year thanks to a strong condo market. Total closings increased 2.3 percent to 32,803, representing a total sales volume of $10.9 billion, a $1 billion increase from the previous year.
Condo closings jumped 5.2 percent from 2017, up to 17,165 sales in 2018. Single-family home sales fell less than 1 percent to 15,638 sales.
Broward also reported a surge in luxury condo sales, rising nearly 50 percent in 2018. That was in part due to new development sales at projects like Auberge Beach Residences & Spa in Fort Lauderdale. The median sales price for a single-family home last year was $338,000, up 4.6 percent compared to 2017. For condos, the median sales price increased 6.5 percent to $165,000.
The top markets for single-family homes, according to the Miami Association of Realtors, included North Lauderdale, Pembroke Pines, Coral Springs, Lauderdale Lakes and Sunrise. The top condo markets were Cooper City, Davie, Tamarac, Miramar and Oakland Park.
Sales also grew in Palm Beach County, where total residential closings increased 3.1 percent to 31,285. Single-family home sales increased 1 percent year-over-year to 17,419. Condo closings rose nearly 6 percent to 13,098.
Last year’s sales volume totaled $13.5 billion, up 11.6 percent from 2017. The median sales price for single-family homes rose to $345,000, up 4.6 percent. The median sales price for condos was $178,000, an annual increase of 6.3 percent.
The top markets, based on low inventory and high sales in Palm Beach County, were Riviera Beach, Royal Palm Beach, Boynton Beach, Jupiter and Jupiter Farms for houses; and Greenacres, Palm Springs, Royal Palm Beach, Tequesta and Lake Worth for condos.
Source: The Real Deal