The Real Deal Miami

Home sales drop, prices rise in South Florida prior to Hurricane Irma’s landfall

Total resi sales fell in all three counties last month, with some showing double-digit declines in condo sales

Hurricane Irma over South Florida (Credit: NASA)

Prior to the arrival of Hurricane Irma, South Florida’s residential markets continued posting declines in home sales and increases in prices, according to August figures from the Florida Realtors.

Miami-Dade

In Miami-Dade County, residential sales fell by 9.7 percent to 2,158 from 2,389 the year before. Single-family homes fared even worse, with a 13.4 percent drop in sales to 1,073 from 1,239, according to the Miami Association of Realtors. Existing condo sales, which excludes the preconstruction market, saw a 5.7 percent annual drop to 1,085 from 1,150 closings.

But home prices continued rising, now for nearly six years. The median price of a single-family home in Miami-Dade was $337,500 in August, up 12.5 percent from $300,000 a year ago. For condos, the median price rose to $225,000 from $215,000, up 4.7 percent from the previous year.

Broward

Broward County’s housing market sang a similar tune as Miami’s last month. Residential sales declined 9.3 percent to 2,884 from 3,180 in August 2016, according to the Realtors of the Palm Beaches and Greater Fort Lauderdale. Single-family home sales fell 8.1 percent to 1,524 from 1,658; while condo and townhouse sales dropped 10.6 percent annually to 1,360 from 1,522.

The median prices of homes, condos and townhomes also rose. For single-family homes, prices increased 7.7 percent to $350,000 from $325,000. The median price of a condo or townhouse jumped 7.8 percent to $156,000 from $144,755 a year ago.

Palm Beach

Palm Beach also sold fewer residential properties in August, although the declines were less dramatic than in Miami-Dade and Broward.

Residential sales fell by 2.9 percent to 2,715 from 2,796 the year before. Sales of single-family houses dropped 7.9 percent to 1,550 from 1,683, while condo and townhouse sales increased 4.7 percent to 1,165 from 1,113, according to the Florida Realtors.

The median price of a single-family home increased by 7.9 percent to $340,000, while it rose 9.4 percent to $174,000 for condos and townhouses.

An earlier version of this story provided the incorrect number of sales of single-family homes in Miami-Dade.