The South Florida residential market kept cruising during the month of March. It’s important to note that the properties closing in March were most likely placed under contract in January or February, long before the Coronavirus lock-downs began. There were a total of 7,994 closed transactions during the month of March, up a whopping 28% from February. This number includes 3,998 condo sales and 3,996 house sales for the month.
The average selling price of a house in South Florida continued it’s climb higher in March and reached $566,605. That looks like a new high for this cycle, surpassing the previous high price of $557,452 set in July 2019. As for condo prices, they also appear to have set another high at $341,785. According to our chart, it looks like the most recent high was $328,338 set a few months ago in December 2019.
The number of residential listings remained basically unchanged last month. There were 17,405 houses and 29,277 condos for sale in South Florida last month, for a total of 46,632 properties. In February there were a total of 46,539 properties available. Unless you see a drastic climb in the residential inventory, you may not see prices soften for awhile. This is just supply and demand. Take a look at the massive inventory that existed when this chart began in 2011 after the last housing bubble! Who knows if the South Florida market will ever reach those levels of inventory again.
Single-family homes by transaction type
The steady climb higher in house prices continued in March. Here are the median sale prices by transaction type in the Miami, Fort Lauderdale and Palm Beach markets:
- Traditional sale – $380,000, up from $378,000 in February
- Foreclosure sale – $305,450, up from $277,450 in February
- Short sale – $273,000, down slightly from $275,000 in February
Condo sales by transaction type
The median sale price for condo properties across the tri-county area stepped higher last month also. It looks like there was a spike in the median price of short sales caused by a few pricier condos sales dragging the median sale price higher. Here is the breakdown:
- Traditional sale – $215,000, up from $208,000 in February
- Foreclosure sale – $165,250, up from $162,000 in February
- Short sale – $275,000, up from $162,000 in February
Average monthly deal volume
The first quarter of each year is usually slower in transaction volume. This final chart today shows how the average number of closed sales per month for the first quarter of 2020, compares to the full years dating back to 2012. There is a possibility that lower transaction volume will lead to lower prices if sales remain sluggish for the remainder of 2020.
There were 848 mortgage foreclosure filings during the month of March. The bulk of them (476) we located in Miami-Dade County. Going forward these numbers look like they will be declining sharply, at least until the latest foreclosure moratorium is lifted.
Here is a snapshot of the annual totals, monthly average and percentage change year over year:
This real estate 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, Coral Springs, Sea Ranch Lakes, Lauderdale by the Sea 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.