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SALES IN 2018 VERSUS 2017

As the year comes to an end, data from the Miami Association of Realtors and the Miami Multiple Listing Service is now available for the 3rd quarter 2018. We can now make some sales comparisons with 2017 vs 2018 and residential sales were up in Broward, Miami-Dade and Palm Beach counties.

Broward County residential sales rose 5.9 percent, from 7,789 in 2017 to 8,252 in 2018. Condo sales increased by 8.2 percent from 3,808 to 4,119 while single family sales increased 3.8 percent from 3,981 to 4,133. Non-distressed sales ( no foreclosures, short sales or bank owned properties ) comprised 95 percent of all closed residential sales in the 3rd of 2018 versus 94 percent in the 3rd quarter of 2017. Total luxury home sales valued at $1 million and above increased by 11.1 percent with 217 units sold in the 3rd quarter of 2017 to 241 units in the 3rd quarter of 2018. Total sales volume in Broward was $2.69 billion in the 3rd quarter of 2018, an 8.9 percent increase from the $2.47 billion sales volume in the 3rd quarter of 2017.

Miami-Dade County residential sales rose 15.2 percent, from 5,895 in 2017 to 6,792 in 2018. Condo sales increased 16.7 percent from 3,021 to 3,524 while single family home sales increased 13.7 percent from 2,874 to 3,268. Non-distressed sales comprised 93 percent of all closed residential sales in the 3rd quarter of 2018 versus 90 percent in the 3rd quarter of 2017. Luxury home sales of $1 million and above increased 27.9 percent from 343 in the 3rd quarter of 2017 to 439 in the 3rd quarter of 2018. Total sales volume accounted for $3.1 billion in the 3rd quarter of 2018, a 24 percent increase from the $2.5 billion in the 3rd quarter of 2017.

Palm Beach residential sales rose 7.4 percent from 7,218 to 7,749. Condo transactions increased 11.1 percent from 3,072 to 3,412 units while existing single family sales increased 4.6 percent from 4,146 to 4,337 units. Non-distressed sales comprised 97 percent of all sales in the 3rd quarter of 2018 versus 95 percent in the 3rd quarter of 2017. Palm Beach Luxury home sales of $1 million and above increased by 18.7 percent from 316 in the 3rd quarter of 2017 to 375 in the 3rd quarter of 2018. Total sales volume accounted for $3.1 billion in the 3rd quarter of 2018 or a 14.8 percent increase from $2.7 billion in the 3rd quarter of 2017.

One of the most encouraging statistics is the low number of distressed sales in all three counties, which is positive indicator for the market as a whole.

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