South Florida Luxury Resi Sales Continue To Soar In February

Luxury home sales soared throughout South Florida in February, continuing a monthslong trend in the tri-county region.

A lack of inventory pushed prices up yet again in Miami-Dade, Broward and Palm Beach counties. In all, sales volume totaled about $4.6 billion in the tri-county region, according to reports from the Miami Association of Realtors.

In Miami-Dade County, residential sales rose 33.5 percent in February, year over year, to 2,485 closings. Single-family home sales increased nearly 24 percent to 1,093, and condo sales jumped 42 percent to 1,392.

Luxury single-family homes priced at $1 million and up soared, rising 203 percent to 200 sales. Luxury condo sales lept to 163 closings, an annual increase of more than 213 percent.

Single-family sales dollar volume jumped by 124 percent to $1 billion, and condo dollar volume increased 131 percent to $859 million.

Median prices continued to rise, as well. Single-family home prices rose nearly 22 percent to $450,000, and condo prices increased nearly 18 percent to $300,000.

 

Source:  The Real Deal

 

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