To get an idea of how the real estate market is doing, it is essential to look at the sales each quarter. According to reports, it seems as though things are still looking quite bright in the South Florida area. In fact, the third quarter sales have risen in all three counties in South Florida (Miami-Dade, Broward, and Palm Beach) yet again. Not only has there been an increase in the number of homes, but the prices of the homes have also kept on growing in these South Florida counties.
This shows that the real estate market here is still quite strong. Let’s get a closer look at what things looked like in each of the counties mentioned above.
Palm Beach Real Estate Market
In the third quarter of 2018, Palm Beach County saw that there was a small increase in the number of sales that they had when they compared it to the same period from a year earlier. The number of residential closings was up by 7.4%, or 7,749, totaling $3.1 billion. This was up by about 15% from the same time a year ago, which is quite impressive. The number of condo sales was up by 7.4%, as well. There was an increase in single-family home sales during this time, too. They were up by 4.6% to 4,337 sales.
The median price for single-family homes rose, as well. The median price was $345,000, which was up by 3.3% from $334,000 during the same period a year ago. The price of condos increased as well compared to the previous year. They were up to $179,000, which is an increase of 4.1%.
Broward Real Estate Market
In Broward County, there were some nice increases seen, as well. The number of closings in the county increased in the third quarter by close to 6%, or 8,252 sales. The number of single-family home sales increased, as well. They were up by about 3.8% to 4,133 sales. The condo sales were up from last year, too. There was an increase by 8.3% to 4,119. The total volume for the closes sales was $2.69 billion. This was an increase of 8.9% from a year ago.
The prices for homes in the county were up somewhat, as well. The median price for single-family homes was up to $355,000. This was an increase of 1.4% from last year.
Miami-Dade Real Estate Market
The residential sales for the third quarter in Miami-Dade county were impressive, as well. They rose by 15.2%, which makes it the highest increase in all of the counties in South Florida. The number of condo sales was up by 16.7% to 3,524, and the number of single-family home sales were up by 13.7% to 3,268. The total sales volume was $3.1 billion, which was up by 24%.
The median price for single family homes in the third quarter was $360,000, which is up by 8.5% from the previous year. The price of condos was up by 3.3% to $235,000 from last year at this time.