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Business Journal Saturday April 22, 2017
Streak broken: South Florida condo sales rebound in March
The streak of 15 consecutive months of sales declines for South Florida’s condo market ended in March as sales finally increased year-over-year, according to the Florida Realtors. Single-family home sales also bounced back after falling in February. Miami-Dade County, which also had a 15-month streak of lower existing condo sales, also rebounded to post higher sales in March. The tri-county region had 4,447 sales of existing single-family homes in March, up 7.7 percent from the same month a year ago. The median sales price surged 11.5 percent to $326,000. Statewide, single-family home sales grew 9.3 percent to 25,921 while the median sales price increased 10.4 percent to $231,900. The Orlando and Tampa metro areas had double-digit growth in both sales and prices. In South Florida’s existing condo/townhouse market, sales increased 3.7 percent to 4,352. The median sales price grew 5.5 percent to $174,000. The statewide market for condo/townhouse sales saw faster growth than in South Florida. Sales in Florida increased 11.4 percent to 11,193 while the median sales price climbed 9.4 percent to $171,000. The Orlando, Tampa and Jacksonville metro areas all had double-digit growth in condo sales...Read more