The first quarter of this year has shown continued challenges for some residential markets in South Florida, with double-digit sales declines and increased inventory across the tri-county region.
According to the latest Douglas Elliman reports authored by Jonathan Miller of the appraisal firm Miller Samuel, Miami Beach and the surrounding barrier islands—comprising Bal Harbour, Bay Harbor Islands, Fisher Island, Golden Beach, Indian Creek, Key Biscayne, North Bay Village, Sunny Isles Beach, and Surfside—saw modest growth in median prices despite falling sales.
Overall, inventory trends displayed inconsistency across the cities within Miami-Dade, Broward, and Palm Beach counties.
Notably, the share of cash sales remained significantly strong in Palm Beach, where cash transactions accounted for 94 percent of all on-market closings.
Miami Beach and Delray Beach followed with cash closings making up 73 percent and 64 percent of sales, respectively, in the first quarter.
Annual sales figures also showed a mixed picture, as single-family home sales in Coral Gables dipped while condo sales experienced a surge.
However, along the barrier islands, condo sales decreased amid rising inventory, reflecting an overall decline in single-family home sales in that market.
In Miami Beach and the barrier islands, residential sales dropped 18 percent year-over-year, totaling 650 closings.
Despite the drop in sales, the median sale price grew by 4 percent, reaching $782,500.
Specifically, single-family home sales plummeted by 23 percent, recording 74 closings, while condo sales fell by 17 percent to 576 sales.
The inventory of single-family homes surged by an impressive 79 percent, totaling 704 listings, while condo inventory increased by 29 percent, reaching 4,239 listings.
Interestingly, the median price of single-family homes in this area shot up by 25 percent to $3.7 million, and the median price of condos also saw an increase of nearly 6 percent, now sitting at $652,500.
In Coral Gables, the market experienced an 11 percent drop in single-family home sales, equating to 71 closings in the first quarter.
In contrast, the median sale price for single-family homes soared by 46 percent, now at $2.6 million.
The inventory of single-family homes grew by 22 percent, reaching 213 listings.
Condo sales in Coral Gables, however, saw a remarkable rise of 75 percent, totaling 56 closings, although the median sale price dipped by 5 percent to $590,000.
Condominium inventory also saw an increase, rising by 26 percent to 162 listings by the end of the first quarter.
Moving to Fort Lauderdale, single-family home sales decreased by nearly 3 percent year-over-year, tallying 371 closings.
The median sale price increased by 12 percent to $775,000, while inventory for single-family homes rose by 35 percent, reaching 1,088 listings.
Meanwhile, condo sales slightly increased by 1.6 percent to 433 sales, although the median price decreased by 7.6 percent to $425,000.
Condo inventory surged to 2,007 listings, marking a 40 percent increase year-over-year.
Palm Beach saw a dramatic rise in single-family home sales, up by 63 percent with 31 on-market closings.
The median price for single-family homes grew by 12 percent year-over-year to reach $14 million, and condo sales on the island rose by 6 percent to 70 closings, with a median sale price of $1.5 million, marking a 7 percent increase.
Inventory for condos also increased significantly, rising by 50 percent to 317 listings.
Wellington’s single-family home sales drifted upwards by 3 percent year-over-year, totaling 141 closings.
Inventory in Wellington grew by 22 percent to 392 listings, although the median sale price declined by 4 percent to $750,000.
Condo sales in Wellington surged by 66 percent, achieving 53 closings, while the median sale price grew by 1.6 percent to $457,000 with inventory increasing by 53 percent to 159 listings.
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