By Gay Cororaton, MIAMI REALTORS Chief Economist
Key Takeaways
- Single-family home sales in the first quarter declined 1.3% from one year ago, but sales rose in Palm Beach County and in Broward County. Condominium/townhome sales fell 10.2% overall and declined in all counties.
- While overall sales declined, million-dollar sales rose 3.7%. Majority of condominium/townhome sales, or 56%, were all-cash sales.
- The median single-family sale prices as of March 2025 rose in most counties, with the fastest growth in Broward County. The median condominium/townhome sale prices fell in all counties except in St. Lucie County.
Download the March 2025 Southeast Florida Housing Market Report HERE.
Single-family sales weakened in the first quarter as mortgage rates remained elevated
Overall, Southeast Florida’s first quarter sales were weaker than one year ago (-1.3%) as mortgage rates remain elevated (6.8%) with the Fed pausing on its rate cuts amid rising economic uncertainty. Nationally, year-to-date sales fell 2.2%. Home sales will likely remain weak until mortgage rates start to climb down firmly and the macroeconomic outlook brightens, which could happen in the second half of the year or early next year.
Sales rose in Palm Beach County (+1.7%) and in Broward County (0.3%) but fell in Miami-Dade County (-5.8%), Martin County (-3.5%), St. Lucie County (-3.6%). Nationally, yeara-to-date sales fell 1.7%.
Despite slower transactions, the median single-family sale price rose in most markets. Broward County saw the largest increase in the median sale price (+4.6%), followed by Miami-Dade County (3.1%), Martin (+2.6%), and St. Lucie County (+1.3%). The median sale price fell in Palm Beach County (-2.3%). Of single-family sales that closed in March 2025, the typical discount based on the original list price hovered at 5%. Nationally, the median single-family sale price rose 2.9%
Inventory conditions reflect a balanced market. Active inventory as of the end of March was at 6 months’ supply in all counties except in Broward where active inventory was at 5 months’ supply. Inventory is likely to continue to build up with more new listings in March 2025 in counties while new pending sales declined (Miami-Dade, Broward, Martin) or increased at a slower pace compared to new listings (Palm Beach, St. Lucie). Nationally, there is 4 months’ supply of inventory.
Million-dollar sales rose 3.7% in 2025 Q1
While overall sales fell 1.3% in the first quarter in the five counties, million-dollar sales rose 3.7% from the level one year ago. Million-dollar sales rose in Broward County (+9.4%), Palm Beach County (+6.8%), Martin County (+21.4), but slightly fell in Miami-Dade County (-0.4%) and in St. Lucie County (-20.8%).
Some niche luxury markets saw an increase in sales in the first quarter, suggesting that lifestyle more than price is the driving factor in these markets: Miami Beach (+9.8% in single-family sales), Miami Shores (+51.7% in single-family sales), Sunny Isles Beach (+12.1 % in condo/townhome sales), and Palm Beach town (+60% in condo/townhome sales).
Some million-dollar market areas saw an uptick in price, indicating more upper price tier transactions: Miami Beach ($4.5 million, +16.3%), Coral Gables ($2.3 million, +32.4%), Doral ($1.0 million, +9.3%), Sunny Isles Beach ($1.2 million, +3.3%), Parkland ($1.2 million, +14.7%), Palm Beach town ($13.8 million, +46.1%).
Hot Markets as of March 2025
MIAMI Realtors® identified 17 single-family hot markets, and three condominium/townhome hot markets based on sales data through March 2025. A hot market is one with rising sales, rising prices, and an active inventory of 6 months’ supply or less.
Local dynamics determine a market’s hotness , but in most of the hot markets, the median sale prices were lower than the countywide median sale price, indicating affordability is a key determinant of a market’s hotness.
Miami-Dade County: Miami-Gardens, Cutler Bay, Kendall, South Miami Heights, West Little River, Leisure City, Country Club
Broward County: Pembroke Pines, Davie, Sunrise, Deerfield Beach, Cooper City, Lauderhill, West Park, Weston
Palm Beach County: Boynton Beach, Royal Palm Beach, Riviera Beach, Jupiter Farms
Martin County: Jensen Beach
St. Lucie County: Port St. Lucie
