The Real Deal Miami

Residential sales in Miami-Dade, Broward and Palm Beach down in April: Realtors

Condo sales in Miami declined 12.5% year-over-year, biggest decline in South Florida last month

Aerial view of Broward County (Credit: Francisco Azola)

Home and condo sales continued their decline in South Florida, as overall residential sales posted year-over-year single-digit decreases in April in Miami-Dade, Broward and Palm Beach counties, according to their Realtors’ associations.

Yet prices continued to rise throughout the tri-county area.

Miami-Dade

In Miami-Dade, residential sales fell 4.8 percent to 2,303 closings in April compared to 2,419 closings during the same period last year. Condo and townhouse sales experienced the biggest decline in the tri-county region, falling 12.5 percent year-over-year in April to 1,111 sales from 1,269 sales. Single-family home sales increased by 3.7 percent to 1,192 closings last month from 1,269 the previous year.

The median sales price in Miami-Dade continued its steady rise, up 12.3 percent year-over-year to $320,000 in April for single-family homes. Median sales prices peaked in March, though, at $322,000, according to a chart from the Miami Association of Realtors. Condo and townhome prices rose as well, up 6.5 percent to $229,000 in April.

The share of all-cash deals fell to 39.4 percent from 48.6 percent last year, but are still much higher than the national average of 21 percent, the report shows.

Broward

Total residential sales in Broward dropped 3.15 percent in April, with declines in both condos and houses.

Single-family home sales fell 4.3 percent to 1,400 closings last month from 1,463 in April 2016. Condo sales declined 2 percent to 1,489 from 1,520, according to the Greater Fort Lauderdale Realtors.

Meanwhile, prices were also still on the rise in Broward. Median sales prices of condos and townhouses were up 10 percent to $148,500 from $135,000. Single-family home prices increased 6.5 percent to $330,000 in April from $310,000 last year.

Palm Beach

Overall residential sales fell in Palm Beach County last month due to a big decline in townhouse and condo sales. Single-family home sales increased by only 0.8 percent to 1,598 closings in April compared to 1,586 closings last year. Condos and townhouses reported a 6.8 percent year-over-year drop in sales, to 1,283 from 1,376, according to the Realtors Association of the Palm Beaches.

Prices for all residential properties were up in Palm Beach County by 6.5 percent. For single-family homes, that’s a median sales price of $327,000, and for condos and townhouses, it’s $165,000.