During March, the South Florida residential real estate market blossomed. Compared to the same month last year, sales rose significantly. In fact, sales for homes and condos have been rising for months in the tri-county region. Right now, more and more buyers from high-tax states are taking advantage of the still low interest rates. The only downside? this is resulting in less inventory, making the South Florida residential market very competitive for buyers.
Let’s break it down by numbers. The South Florida residential real estate sales totaled more than $7.3 billion in March. This was especially driven by luxury sales, which in fact, was tripled in Miami-Dade county. Compared to last year when the pandemic had just started, this is a huge and important jump.
In Miami-Dade, residential sales rose by 62% to 3,751 closings in March. Condo sales rose 80% to 2,201 closings. As for single family homes, they rose by 41% to 1,550. The sales dollar volume also increased accordingly. In fact, the increase was of 148% for single family homes, and 143% for condos. This brought $1.6 billion in single-family home sales, and $1.4 billion for condo sales.
In Broward, total home sales rose by 42% to 4,021. Single family home sales rose by 39% to 1,870, while condo sales grew by 44% to 2,151. The total sales volume for singe-family homes totaled $1.2 billion, while the total for condos grew by 79% totaling $629 million.
In Palm Beach, residential sales rose by 18.5% in March to 3,362 closings. Single-family homes saw an increase of 11% to 1,723, while condo sales rose by 28% to 1,639. The total sales volume for single-family sales reached $1.8 billion (up 90%), while condo dollar volume rose more than 50% to $686.1 million.