The Real Deal Miami

July home sales take double-digit dive in Palm Beach County: report

Despite hit to sales volume, prices continued to swell year-over-year
2014 aerial view of West Palm Beach (Credit: WPPilot)

2014 aerial view of West Palm Beach (Credit: WPPilot)

Just like Broward, its cousin to the south, Palm Beach County’s housing market had a rough month in July.

Home, condo and townhomes all suffered heavy losses in sales volume last month, according to a new report from the Realtors Association of the Palm Beaches. Meanwhile, prices continued their steady rise.

The report shows 1,530 homes were sold in Palm Beach County in July, marking a decrease in volume of nearly 15 percent year-over-year. Condos and townhomes fared no better, with the county recording 1,092 units trading last month, down 15.5 percent.

Despite fewer homes and condos trading, median sales price soared year-over-year. The median closing price for a home hit $317,250 in July, rising 11.3 percent compared to the same month last year. Condo prices also spiked 17 percent in the same time period, reaching $143,000 per unit.

Historic median sales prices for condos and townhomes, top, and single-family homes

Historic median sales prices for condos and townhomes, top, and single-family homes

“In this case, less (fewer transactions) is more (higher dollar volume) due to higher sale prices,” Judy Ramella, association president, wrote in the report.

Palm Beach County’s inventory also grew in July. There were 6,948 active listings for single-family homes last month, swelling the county’s supply by 6.5 percent. Condos saw a similar jump in inventory, with active listings rising 5.6 percent year-over-year to 5,651 units.

The association’s report shows Palm beach is not immune from the residential market’s volatility that has stricken Miami-Dade, and to some extent Broward, since the beginning of this year.

Miami-Dade in particular has suffered large reductions in sales volume in recent months, as well as some of the county’s first price reductions this cycle.