Residential sales keep rising in South Florida, but declining inventory is starting to put a damper on some submarkets.
July closings rose as much as triple digits in some cases, according to reports from the Miami Association of Realtors.
Home sales in Miami-Dade, Broward and Palm Beach counties have been fueled by a major migration to Florida, low interest rates and more. Overall, closed dollar volume totaled more than $7.8 billion in July.
The reports also note that residential sales increased in each county in July, compared to July 2019, prior to the pandemic.
Median prices continued to rise by double digits across the region.
Total residential sales jumped nearly 58 percent in July to 3,632 closings, thanks mostly to a surge in condo sales. Single-family home sales increased 15 percent to 1,373, while condo sales climbed about 104 percent to 2,259.
The luxury end of the market experienced even bigger bumps in sales compared to July 2020, rising 110 percent for single-family homes priced over $1 million, and a whopping 323 percent for luxury condos.
Prices rose by nearly 26 percent to $515,000 for single-family houses, and up about 31 percent to $340,000 for condos.
Total dollar volume amounted to $2.7 billion in July, rising 67 percent, year over year, to $1.4 billion for single-family home sales; and up 187 percent to $1.3 billion of condos sold.
Residential sales totaled 3,679 in Broward County, a 24 percent year-over-year increase. Single-family home sales rose only 2.1 percent to 1,680, while condo sales jumped 51 percent to 1,999 closings.
On the luxury end, home sales priced at $1 million and up lept 104 percent to 173 closings, and high-end condo sales increased nearly 61 percent to 53 closings.
Median prices rose 24 percent to $495,000 for single-family houses, and up 10 percent to $215,000 for condos.
Single-family home dollar volume rose by 33 percent to $1.1 billion, while condo dollar volume increased 72 percent to $584 million.
Palm Beach County
Residential sales increased nearly 2 percent to 3,315 closings in Palm Beach County. High prices and low inventory led single-family sales to fall about 9 percent to 1,774 closings in July. Condo sales, meanwhile, rose 17 percent to 1,541.
Luxury continued to outperform. Sales of houses priced at $1 million and up rose 13 percent to 264 sales, and condo closings jumped nearly 60 percent to 83 sales.
Median prices rose, as well. The median price of a single-family home increased 25 percent, year over year, to $500,000. For condos, the median price grew by 14 percent to $233,000.
Single-family home dollar volume increased 2.5 percent to $1.5 billion, and condo dollar volume rose 41 percent to $563 million.