Coronavirus took its toll on South Florida’s residential markets in the second quarter, with double-digit declines in Miami-Dade, Broward and Palm Beach counties.
Miami-Dade condo sales fared the worst, with sales dollar volume and closings falling by nearly half. Single-family home sales dropped by more than 30 percent in each county, year-over-year, according to the Miami Association of Realtors.
Luxury brokers have pointed to an increase in home sales in waterfront markets such as Miami Beach and Palm Beach, but those sales are in the high-end.
“While we are benefitting from New Yorkers relocating, that benefit is being concentrated into the $1 million-plus single-family home market,” said Ana Bozovic of Analytics Miami. “That market checks two very important boxes: it caters to the investor class and it is perceived as need-based during a pandemic. Condos are not so lucky.”
Residential sales in Miami-Dade declined by 39.4 percent to 4,766. Single-family home sales dropped to 2,688, a 30.3 percent year-over-year decrease, while condo sales declined by 48.1 percent, to 2,078.
As a result, closed sales dollar volume also plunged: single-family home dollar volume experienced a 23.5 percent decrease to $1.6 billion, and condo dollar volume was cut by 46.7 percent, to $858.8 million.
Prices were still on the rise, increasing by 5.6 percent for houses to $380,000, and by 5.2 percent for condos to $262,250.
Overall, residential sales totaled 5,827 in the second quarter, down 38.5 percent year-over-year. Single-family home sales fell 33.3 percent to 3,112. Condo sales in Broward County declined by 43.5 percent to 2,715.
Single-family dollar volume fell to $1.5 billion, a 30.5 percent decline. Condo dollar volume decreased by 41.1 percent to $644.7 million.
Prices rose for single-family homes, increasing 5.5 percent to $385,000, and for condos, up 5.7 percent to $185,000.
Palm Beach County
In Palm Beach County, home and condo sales decreased 34.5 percent year-over-year to 6,055. Single-family home sales were down by 30.6 percent to 3,660. Condo sales declined by 40.2 percent to 2,395.
Single-family home dollar volume dropped by 20.9 percent to $2.3 billion, and closed condo sales volume experienced a 34 percent decline to $788.5 million.
Single-family home prices increased 4.2 percent to $370,000. Condo prices rose 7.2 percent to $200,000.
Write to Katherine Kallergis at [email protected]