The Real Deal Miami

Hurricane Irma pounds South Florida’s Q3 residential sales

Single-family home sales in all three counties dropped by double digits, year-over-year
By Ina Cordle | November 03, 2017 03:00PM

(Photo illustration by Jhila Farzaneh for The Real Deal. Credit: Getty Images)

Hurricane Irma pummeled South Florida’s residential sales, resulting in a dismal third quarter, newly released reports for Miami-Dade, Broward and Palm Beach counties show.

Single-family home sales dropped by double-digits in all three counties, compared to the same period of 2016, and sales of condos and townhomes also showed declines. Still, prices continued to rise.

Miami-Dade:

Miami-Dade homeowners had to deal with clearing debris, rescheduling inspections and appraisals and waiting for power to be restored after Hurricane Irma, leading to a 16.3 percent year-over-year drop in third quarter single-family sales, according to the Miami Association of Realtors. A total of 2,874 homes sold during the quarter, down from 3,433 a year earlier. Condo sales also declined by 9 percent, to 3,021 from 3,318.

Prices continued to rise, however, with the median price of a single-family home up 10.6 percent to $331,750 in the third quarter, compared to $300,000 in the same period last year. The median price of a condo rose 4.8 percent to $227,000 from $217,000.

Broward County:

In Broward, single-family home sales fell 13.4 percent during the third quarter, to 3,981 homes, from 4,596 in the third quarter of 2016, according to a report from Florida Realtors. It was the largest year-over-year quarterly decline in at least three years, a chart dating back to the third quarter of 2014 shows.

Sales of condos and townhouses also dropped 10.7 percent in the third quarter, to 3,808 from 4,266, marking the only quarterly double-digit decline in at least three years.

Meanwhile, the median sale price of single-family home in Broward jumped 8.4 percent, year-over-year, to $435,441 from $384,814. The median sale price of a condo or townhome rose 7.2 percent to $157,000 from $146,490.

Palm Beach County:

Single-family home sales decreased by 11.6 percent in Palm Beach County during the third quarter, according to a report from Florida Realtors. A total of 4,146 home sales closed, versus 4,691 in the third quarter of 2016.

Sales of condos and townhomes also fell 7.6 percent to 3,072 from 3,324.

In Palm Beach County, the median sale price of a single-family home increased by 6 percent to $334,000, up from $315,000 in the third quarter of 2016. The median price of a condo or townhome rose 7.5 percent to $172,000 from $160,000.