South Florida Home Sales Surge to $6B in April, Prices Up 9-11%

Key Takeaway

• South Florida home sales and prices surged in April, with total sales dollar volume hitting $6 billion, up from $4.9 billion last year.
• Miami-Dade County saw a 5% increase in total home sales and a 9% rise in single-family median prices to $654,000.
• Broward and Palm Beach Counties also experienced significant growth; Broward's single-family home median prices rose 10% to $635,000, while Palm Beach's increased 11% to $650,000.

South Florida Home Sales Rebound

In a notable shift from the previous month, South Florida's housing market saw a resurgence in April, with home sales, prices, and total dollar volume all experiencing significant increases. According to data from the Miami Association of Realtors, total sales dollar volume reached $6 billion, a substantial rise from $4.9 billion in April of the previous year. Miami-Dade County led the charge with a 5 percent year-over-year increase in total home sales, amounting to 2,342 closings. Single-family home sales surged by 7 percent to 1,065 deals, while condo sales rose by 5 percent to 1,277. This uptick in activity underscores a broader trend of recovery and growth in the region's real estate market.

Detailed Breakdown of Sales and Prices

The data reveals a comprehensive picture of the market's performance across different property types and counties. In Miami-Dade, the median price for single-family homes increased by 9 percent to $654,000, and condo median prices rose by 7 percent to $444,000. The total dollar volume for single-family homes ballooned by 30 percent to $1.2 billion, while condo dollar volume swelled by 28 percent to $1 billion. Broward County also saw a 6 percent rise in total sales, with single-family home sales jumping 11 percent to 1,196 closings and condo sales increasing by 2 percent to 1,342. Median prices for single-family homes in Broward surged by 10 percent to $635,000, and condo prices jumped by 5 percent to $282,500. Palm Beach County mirrored these trends, with total sales increasing by 5 percent to 2,568 deals, single-family home sales surging by 11 percent to 1,402, and a slight 1 percent drop in condo sales to 1,166 closings. Median prices for single-family homes in Palm Beach jumped by 11 percent to $650,000, and condo prices rose by 12 percent to $340,000.

Market Dynamics and Broader Implications

The resurgence in South Florida's housing market is part of a larger statewide trend. According to Florida Realtors, the state experienced a 5.8 percent increase in closed sales of single-family homes and a 1.9 percent rise in condo-townhouse units in April. The median sales price for single-family homes statewide increased to $429,900, up 4.9 percent, while the median price for condo-townhouse units climbed to $335,000, a 3.1 percent increase. This growth is accompanied by a rise in active listings, providing more options and homeownership opportunities for buyers. However, high mortgage interest rates, currently around 7 percent, continue to pose challenges for both buyers and sellers. Regional performances varied, with the Miami-Fort Lauderdale-West Palm Beach MSA seeing an 8.9 percent rise in closed sales for single-family homes and a 2.0 percent increase in the median price to $520,000.

Expert Insights and Market Outlook

Dr. Brad O’Connor, Chief Economist for Florida Realtors, noted that while sales are increasing compared to last year, they remain below pre-pandemic levels. He emphasized that prices are rising at a more sustainable rate and that the growing inventory is giving buyers more choices. "Closed sales remain lower than what we may have been used to prior to the pandemic, but they are holding fairly steady," he said. "Meanwhile, prices continue to rise at a much more sustainable pace and options for buyers continue to expand." The increase in new listings, up 25 percent for single-family homes and 24.2 percent for townhouses and condos, is contributing to a rise in inventory, which could potentially ease the upward pressure on prices over time.