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Hot in the city

Summer is here and it’s getting hot South Florida.  Every few weeks we like to update the average sale prices, transaction volume, inventories and foreclosure activity.  Today we will provide a snapshot of the Miami, Florida residential market in comparison to it’s neighbors down here.

House prices remain hot (in Miami)

Miami house prices

House prices in South Florida have remain elevated through the early part of 2018.  Here is a look at the average sale prices in March for each county:

  • Miami-Dade – $535,462
  • Broward – $432,001
  • Palm Beach – $580,913

Condo prices – not so hot in Miami

Not hot condos

Condo prices in Miami appear to be on the decline.  Here is a look at the March average sale prices for the tri-county area:

  • Miami-Dade – $407,489, down from $435,262 in February
  • Broward – $218,241, down from $220,316 in February
  • Palm Beach – $288,058, up from $258,179 in February

Transaction volume got hot after a break

Transaction volume climbed during the month of March.  This next chart shows transaction volume for houses in Miami, Fort Lauderdale and Palm beach markets:

Hot houses in South Florida

The transaction numbers were as follows:

  • Miami-Dade – 1,104 deals closed, up from 820 in February
  • Broward – 1,338 deals closed, up from 1.024 in February
  • Palm Beach – 1,669 deals closed, up from 1,216 in February

How about the condo market?

Condo sales got hot again in The Fort Lauderdale area and Palm Beach, but remained lower in Miami.

Miami condos

Here is a look at the number of transactions in march and the month over month change from February.  The numbers climbed significantly in Broward and Palm Beach county, not so much in Miami-Dade:

  • Miami-Dade – 1,043 closed sales, up slightly from 983 in February
  • Broward – 1,524 closed sales, up 22% from 1,252 in February
  • Palm Beach – 1,347 closed sales, up 41% from 953 in February

What else is hot?

Foreclosure filings continue to climb across South Florida, with the largest jump in Miami filings.

Foreclosures are hot in Miami

Hot tracks and hot reads

You may not consider this tune “hot”, but to stick with our theme we figured we would include this tune from Billy Idol .  Stay cool out there folks, summer is here!