The Real Deal Miami

South Florida home sales plummet in September due to Hurricane Irma: report

Miami posted biggest decline in resi sales: down 30% to 1,500 closings

Aerial of Miami-Dade County

September was a rough month for South Florida home sales, thanks in part to Hurricane Irma, according to September figures from the Florida Realtors.

Miami-Dade County
Residential sales decreased more than 30 percent to 1,488 closings from 2,130 the previous year. Single-family home sales fell a whopping 35.8 percent year-over-year, to 684 from 1,066; while condo sales dropped 24.4 percent to 804 from 1,064, according to the Miami Association of Realtors. Residential sales volume in the county hit $631.1 million last month.

Single-family home prices continued rising, up 6.5 percent in September to $335,000 from $314,500 last year, marking the 70th consecutive month of increasing prices. Condo prices rose 7.1 percent last month to $234,500 from $219,000 in September 2016.

The inventory of single-family homes fell 4.8 percent to 6,060, while condo inventory increased 5.2 percent to 14,834 listings.

Broward County
Broward reported 32.3 percent fewer single-family home sales in September compared to the previous year. Closings fell to under 1,000 compared to more than 1,400 the previous year.

Condos had a slightly better month than single-family homes: 1,102 condos sold last month, a 19 percent year-over-year drop.

Overall, residential sales declined nearly 26 percent annually, to 2,066 sales from 2,783.
Meanwhile, the median sale price of single-family homes increased 10 percent to $357,600. Condo prices also rose 4 percent to $156,000 from $150,000.

Palm Beach County
Residential sales declined about 26 percent to 1,919 closings in September, according to the Florida Realtors.

Single-family home sales fell by 26.3 percent last month, while the median price of houses rose 2.8 percent to $325,000. Condo sales dropped 25.6 percent to 832 closings, while the median price rose to $172,000, an 8.5 percent increase.