Both the number of sales and median prices grew in Miami-Dade and Broward in March, just as coronavirus began to grip South Florida.
The Miami Association of Realtors issued its March 2020 report for both counties on Tuesday, showing the market continued on its upward trend. "The Miami real estate market extended its run of solid expansion through March 2020," said Jorge L. Guerra Jr. in a press release. Guerra Jr. is the association's chairman of the board.
"While COVID-19 is expected to temporarily impact home sales on a global level, we remain optimistic the robust fundamentals of the South Florida housing market will minimize the impact and sales activity will resume later in the year, as things normalize and pent-up demand builds."
Total home sales inched up by 0.43% year over year, from 2,313 in March 2019 to 2,323 in March 2020. Single-family home transactions increased by 1.6%, while sales of condos decreased by 0.6%.
Inventory of existing homes dipped by 12% for single-family homes — from 7,064 to 6,216 — and 9.5% for condo units — from 16,401 to 14,836. That leaves a 5.5 months of supply for single-family homes and 12.5 months of supply for condos. A supply of six-to-nine months is considered a balanced market.
Median prices continued to rise for both single-family homes and condos. The single-family median prices grew by 9%, from $351,250 to $382,750. The median condo price grew by 9.8%, from $244,950 to $269,000.
Sales of luxury homes priced over $1 million rose for both single-family homes and condos. The number of luxury transactions increased by 17.1% for single-family homes, to 96, and by 46.8% for condos, to 91 transactions.
More than 90% of single-family homes and condos sold for at or near the asking price.
Cash transactions comprised 32.4% of all transactions, down from 35.6% in March 2019. Still, that's more than the national percentage of 19%.
Total home sales edged up slightly — 0.18% — from 2,830 in March 2019 to 2,835 in March 2020. Condo sales grew by 1.2%, while single-family transactions dwindled by 1%.
Inventory of existing single-family homes dropped by 18.6% — from 6,051 to 4,924 — and by 6.9% for condo units — from 8,793 to 8,190. Inventory is tight, with 3.7 months of supply of single-family homes and 5.9 months of supply of condos.
Median prices increased by 6.8% for single family homes — from $365,000 to $390,000 — and by 6.2% for condos — from $169,525 to $180,000.
Sales of luxury homes priced over $1 million increased for single-family homes but diminished for condos. Single-family home sales jumped by 18.3%, to 84. Condo sales decreased by 24.2%, to 25 transactions.
More than 90% of single-family homes and condos sold for at or near the asking price.
Cash transactions comprised 35.9% of all transactions, down from 37.7% in March 2019. Regardless, that's more than the national percentage of 19%.
