Sales of existing homes and condominiums skyrocketed last month in South Florida as buyers rushed to take advantage of two federal tax credits that expire April 30.
Palm Beach County had 843 homes change hands in March, up 23% from a year ago, the Florida Realtors trade group said Thursday. The median price of $246,100 was an 8% increase from a year earlier.
In Broward County, 734 homes sold in March, up 8% from a year ago. The median price of $214,000 was off 3 percent.
Broward’s condo sales rose 46% to 1,140, leading all of Florida. The county’s median condo price fell 10 percent to $73,600.
Palm Beach County had 999 condo sales, a 45% increase. The county’s median condo price of $90,900 was off 9% from last year.
First-time buyers can receive $8,000 tax credits if they sign sales contracts by April 30 and close by June 30. Current homeowners who want to buy new principal residences will get $6,500.
David Dweck, a real estate agent in Broward and Palm Beach counties, said homes are going under contract quickly, within a week, if they’re priced right and sellers help with closing costs.
Some real estate agents and analysts say South Florida’s housing market has hit bottom. But others insist sales and prices will fall once the tax credits expire.
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