South Florida Resi Sales Fall in August, Prices Rise
South Florida’s total residential sales fell in August, while prices and dollar volume rose.
Miami-Dade and Broward counties showed double-digit declines in sales, while Palm Beach County’s sales held steady.
Total dollar volume in the tri-county region rose to $4.9 billion, according to the Miami Association of Realtors, which collects data on sales recorded in the Multiple Listing Service. That’s up from $4.7 billion in total dollar volume in August of last year. It’s also an uptick from $4.5 billion in closings in July.
Prices also grew throughout the region.
Miami-Dade County
Total home sales in Miami-Dade County dropped 13 percent, year-over-year. Single-family home sales fell 8 percent, to 948 sales, while condo sales plunged 17 percent to 1,230.
The median sale price of single-family homes in Miami-Dade jumped 13 percent, to $620,000. Condo sale prices grew 11 percent to $416,000.
Total dollar volume in the county reached $1.9 billion in August. Single-family homes closed $1 billion in dollar volume, holding steady compared to the same month of last year. Condos closed $854 million in sales, rising 7 percent, year-over-year.
Broward County
In Broward County, home sales fell 11 percent, year-over-year, to 2,410 in August. Single-family home sales dropped 2 percent to 1,178 sales. Condo sales plummeted 18 percent in the same time frame, with 1,232 closings in August.
Median prices for single-family homes grew 7 percent, reaching $600,000 last month. Condo prices rose 4 percent to $275,000.
Total dollar volume in Broward reached $1.4 billion in August. Condo dollar volume fell a whopping 21 percent, year-over-year, to $416 million. Dollar volume for single-family homes grew 5 percent, reaching $941 million.
Palm Beach County
Palm Beach County total home sales held steady, year-over, year, at 2,315 closings in August. Single-family home sales fell 3 percent to 1,249 deals, while condo sales volume rose 5 percent to 1,066.
Single-family home median prices grew 7 percent and condo prices grew 5 percent, to $605,000 and $305,000, respectively.
The county’s dollar volume totaled $1.6 billion in August. Dollar volume for single-family home sales reached $1.1 billion, down 2 percent, and $476 million for condos, up 15 percent.
