The month of March was another big month for house price increases in South Florida. In both Miami and Palm Beach the average sale price climbed over $1,000,000 during the month. How long will this surge in single-family home prices continue across South Florida? let’s take a look at some charts and the numbers:
- Miami-Dade- $1,026,562
- Broward – $662,637
- Palm Beach – $1,045,598
When we look at the price of condos, it looks like they might have peaked in Miami Dade County for now. Here are the average sale prices for condo properties across South Florida during the month of March:
- Miami-Dade – $616,639
- Broward County – $292,386
- Palm Beach County – $418,611
Housing supply in South Florida
There are still very few homes available for sale in South Florida. Until supply increases there is a possibility that prices may continue to climb. Here is a breakdown across the tri-county area:
- Miami Dade – 2,784 houses listed for sale in March
- Broward – 2,209 houses listed for sale
- Palm Beach – 2,718 houses listed for sale
Condo supply in South Florida
Condo inventory dropped as well. it looks like people who wanted to buy single family homes are finally settling for condo properties due to the lack of inventory. Here is a breakdown:
- Miami-Dade – 10,672 condos available for sale
- Broward – 5,658 condos for sale
- Palm Beach – 3,921 condos available for sale
Real estate transaction volume in South Florida
Transaction volume climbed across all three counties during the month of March. There was a significant increase over the February numbers and here is the breakdown for the single-family market:
- Miami Dade – 1,550 closed sales
- Broward County – 1,870 closed sales
- Palm Beach County – 1,723 closed sales
As we mentioned previously, sales in the condo market have increased as well and here are the numbers for March:
- Miami Dade – 2,201 sold units
- Broward County – 2,151 sold units
- Palm Beach County – 1,639 sold units
Foreclosure activity in South Florida
The current mortgage foreclosure moratorium appears to be in effect until June 30, 2021, but it looks like some lenders are starting to file their cases (again). The numbers in Broward County climbed slightly last month. If you look back to the huge spike in 2018, that’s the last time we came off an extended halt on foreclosure filings due to Hurricane Irma in 2017. What’s crazy is that there were still plenty of foreclosures in the pipeline from the last housing market crash when they were halted back then. We will start to include this chart in our market updates, because it sure looks like things may start to heat up as we move through the summer!
This week mortgage rates dipped slightly. They have been one of the main reasons that housing prices continue to climb. Cheap money has always been fuel for housing bubbles and this time is no exception. Maybe rates won’t pop this bubble anytime soon, but rising costs of insurance just might.
This market outlook covers real estate activity in Miami-Dade, Broward and Palm Beach County, Florida. Here are just a few of the cities in each of these three markets:
- Miami-Dade – Aventura, Coral Gables, Miami Beach, Hialeah, Sunny Isles Beach, North Miami, Homestead, Doral, Miami Lakes, Downtown Miami, Brickell and Key Biscayne.
- Broward – Fort Lauderdale, Pompano Beach, Deerfield Beach, Hollywood, Hallandale, Weston, Parkland, Wilton Manors, Oakland Park, Plantation, Cooper City, Davie and Lighthouse Point.
- Palm Beach – Delray Beach, Highland Beach, Jupiter, Palm Beach Island, Boynton Beach, Boca Raton, Highland Beach, Palm Beach Gardens, West Palm Beach, Wellington and Lake Worth.