Across South Florida, residential real estate prices rise while sales fall everywhere except Palm Beach County. Both Miami and Fort Lauderdale have undergone a lot of development in the last five years, while Palm Beach has less inventory in highly desirable areas. According to the US Census board, in the last five years, South Florida’s population has grown by 7.8%.
Here’s what we see across all three counties:
In Miami-Dade, the median single family home price rose 12.24% from $245,000 in the first quarter of 2015 to $275,000 in the first quarter of 2016. Condo prices rose 4.5% from $196,000 to $205,000. While sales volume fell in Miami-Dade in both the single family and condo market. In 2015, the total sales volume for single family homes was $1,481,427.086 to $1,384,817,483. For the condo market dropped from $1,529,158,271 in 2015 to $1,229,090,203 in the first quarter of 2016. Residential inventory grew by 13.9% in the first quarter of 2016 in the county.
In Broward County, the median single family home rose 5.6% from $274,500 to $290,000 in 2016. The median sale price for condos rose 8% from $125,000 in the first quarter of 2015, and rose to $135,000 in the first quarter of 2016. Meanwhile sales volume fell in both single family and condo markets. Condo sales volume fell from $730,663,469 to $710,107,435 from the first quarter of 2015 to 2016. Single family homes also experienced a drop from $1,529,158,271 to $1,228,992,203. Broward experienced a 13.9% increase in residential inventory in the first quarter of 2016
In Palm Beach, the median sale price for single family homes rose 9.3% from $290,000 in the first quarter of 2015 to $317,500 in the first quarter of 2016. The median sale price in the condo market rose 4.6% from $150,000 in the first quarter of 2015 to $157,950 in the first quarter of 2016. Meanwhile sales volume increased across Palm Beach county. Single family home sales climbed from $292,422,284 in the first quarter of 2015 to $332,204,586 in the first quarter of 2016. The condo market also experienced strong sales with sales volume growing from $147,815,898 in the first quarter of 2015 to $168,422,256 in the first quarter of 2016. Palm Beach residential inventory grew by 13.1% in the first quarter.
The market remains competitive in South Florida. Across all three counties, the luxury market is robust. Both Miami-Dade and Broward markets are experiencing a slowdown in the million and under housing stock, while luxury sales continue to pick up. Developers are beginning to shelve new condo development not aimed at the luxury market in both Miami-Dade and Broward.
Overall, across South Florida, there’s more inventory hitting the market. Palm Beach in the only county in South Florida showing steady growth. The smaller coastal cities continue to swell in population driving much of the housing market where inventory is already tight. The area continues to be in big demand with steady real estate transactions. It's probably the most stable market.
What we’re seeing: trophy properties are in demand across the board, sales in both Broward and Miami have slowed, and Palm Beach county holds steady as the strongest real estate market for now.
Michelle Farber Ross