Florida Realtors reports South Florida home sales for February 2018 – South Florida Business Journal

South Florida’s housing market saw an increase in both sales and pricing in February, although at lower growth rates than the state as a whole, according to Florida Realtors.

Sales of existing single-family homes in the tri-county area inched up 1 percent, year-over-year, to 3,060 in February. The median sales price increased 6.7 percent, to $336,000.

Statewide, the numbers were even more impressive. Single-family home sales grew 3.3 percent, to 18,620, while the median sales price spiked 9.6 percent, to $246,500. The metro markets of Tampa, Orlando and Jacksonville all had faster price growth than South Florida.

Sales of South Florida condos/townhouses increased 3.7 percent, to 3,188. The median sales price grew 6.1 percent, to $183,000.

Throughout Florida, condo/townhouse sales were up 6.4 percent, to 8,457, while the median sales price increased 7.2 percent, to $179,000. Once again, the metro markets of Tampa, Orlando and Jacksonville all had a greater price increases than South Florida.

“The latest figures from Florida Realtors show sales of existing homes rose modestly in February, while sale prices continued to climb at a very brisk pace,” Florida Realtors Chief Economist Brad O’Connor said. “Given the current nationwide shortage of housing at the more affordable end of the pricing spectrum, as well as the specter of rising mortgage rates, we probably shouldn’t expect to do much better than this over the next several months, at least on a consistent basis.”

Miami-Dade County

In Miami-Dade County, single-family home sales declined 6.9 percent, to 820, while the median sales price increased 3.6 percent, to $332,500. Active listings fell 2 percent, so the supply of inventory based on the current sales pace remained at six months. That’s a fairly balanced market.

For the condo/townhouse market in Miami-Dade, sales grew 3 percent, to 983, while the median sales price increased 4.5 percent, to $230,000. Active listings were up 4 percent, so the supply of inventory jumped to 14.4 months. That’s a buyer’s market with an oversupply of inventory, which could stifle price growth.

Broward County

In Broward County, single-family home sales increased 3.6 percent, to 1,024, while the median sales price surged 10.7 percent, to $335,000, according to the Realtors of the Palm Beaches and Greater Fort Lauderdale. Active listings declined 4 percent, so the supply of inventory remained at four months. That’s a seller’s market with little inventory to choose from, so that could lead to higher prices.

For condos/townhouses in Broward, sales jumped 6.9 percent, to 1,252, while the median sales price increased 6.9 percent, to $158,000. Active listings slipped 7 percent, so the supply of inventory fell to 6.1 months. That’s a fairly balanced market.

“The selling season is in full swing, as we are seeing a double digit increase in the sale of homes ranging from $300,000 to over $1 million, with the greatest jump in the luxury market,” said Ron Lennen, president of the Realtors of the Palm Beaches and Greater Fort Lauderdale.

Palm Beach County

In Palm Beach County, single-family home sales grew 4.8 percent, to 1,216, while the median sales price increased 9.5 percent, to $345,000, according to the Realtors of the Palm Beaches and Greater Fort Lauderdale. Active listings declined 4 percent, so the supply of inventory was reduced to 5.2 months. That’s a seller’s market.

For condos/townhouses in Palm Beach, sales inched up 0.3 percent, to 953, while the median sales price increased 3 percent, to $170,000. Active listings grew 1.5 percent, and the supply of inventory remained at 6.3 months. That’s a fairly balanced market.

“The real estate season in Palm Beach County is in full swing, as sales increase, homes appreciate and inventory continues to tighten,” said Jeffrey Levine, president-elect of the Realtors of the Palm Beaches and Greater Fort Lauderdale.

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