Palm Beach (Credit: iStock)

Palm Beach (Credit: iStock)

South Florida’s residential markets performed well in the first quarter, just as the coronavirus pandemic began to take hold in the region.

Closed sales dollar volume in the tri-county region totaled nearly $9 billion between January and the end of March, according to the Miami Association of Realtors. Single-family and condo sales were up in each county, year-over-year, and prices also rose across South Florida.


Total residential sales rose 6.8 percent, year-over-year, to 6,042 in Miami-Dade County during the first quarter. Single-family home sales jumped 7.9 percent to 2,871. Condo sales increased 5.8 percent to 3,171.

Single-family sales dollar volume rose 8.3 percent to $1.6 billion. Condo dollar volume increased 4.7 percent to $1.3 billion.

The median price for single-family homes in Miami-Dade increased 7.1 percent to $375,000, while the median price for condos rose 7.5 percent to $257,975.


In Broward County, total residential sales increased 3.4 percent year-over-year to 7,025. Single-family home sales outperformed condos, rising 4.6 percent to 3,322. Condo sales increased 2.2 percent to 3,703.

Single-family sales dollar volume climbed 19.3 percent to $1.7 billion. Condo sales volume jumped 9.9 percent to $885 million.

The median price for single-family homes in Broward was $380,000 in the first quarter, a 7 percent increase compared to the first quarter of last year. The median price for condos grew by 6.6 percent to $175,875.

Palm Beach

Total home sales increased 11.9 percent, year-over-year, in Palm Beach, up to 7,073 in the first quarter. Single-family home sales rose 12 percent to 3,881, and condos also grew by 12 percent to 3,192.

Sales volume of single-family homes totaled $2.4 billion countywide, a 25.1 percent increase from the first quarter of 2019. Condo sales volume jumped by 22.7 percent to $1.1 billion, for a total residential sales volume of $3.5 billion.

The median price for single-family homes in Palm Beach County increased to $365,000, a 5.8 percent year-over-year increase.The median price for condos increased 9 percent to $190,750.

The post Q1 home sales in South Florida surge before coronavirus took hold appeared first on The Real Deal Miami.

For more details from The Real Deal MiamiThe Real Deal Miami, visit