Hurricane Irma pounds South Florida’s Q3 residential sales

Single-family home sales in all three counties dropped by double digits, year-over-year

Miami /
Nov.November 03, 2017 03:00 PM

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.


Related Articles

arrow_forward_ios
W. Allan Jones and 320 Island Road, Palm Beach (Wikipedia Commons, Google Maps)
Converting to cash: Payday lender flips his waterfront Palm Beach home for $42M
Converting to cash: Payday lender flips his waterfront Palm Beach home for $42M
ABS National Business Parks manager Gregg Schenker, Stiles CEO Kenneth Stiles and Garden Plaza in Palm Beach Gardens (CBRE, Stiles, ABS)
Stiles sells Palm Beach Gardens office complex for $31M
Stiles sells Palm Beach Gardens office complex for $31M
Sheer Science CEO Jonathan Greenhut. (LinkedIn via Jonathan Greenhut, The Koolik Group / Compass)
Skincare CEO buys lakefront Boca Raton mansion for $5M
Skincare CEO buys lakefront Boca Raton mansion for $5M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Brad and Rechelle Richards and 11975 Lost Tree Way, North Palm Beach (Getty, Google Maps)
Moving off the ice: Retired hockey player Brad Richards drops $8M on North Palm Beach home
Moving off the ice: Retired hockey player Brad Richards drops $8M on North Palm Beach home
Domenic Gatto and Banyan Cay Resort and Club (Linkedin, iStock, Banyan Cay)
Developer of Banyan Cay Resort in West Palm faces charge tied to $65M healthcare fraud
Developer of Banyan Cay Resort in West Palm faces charge tied to $65M healthcare fraud
3813 North Ocean Boulevard, Gulf Stream (Corcoran)
Insurance honcho and attorney couple sell oceanfront Gulf Stream home for $11M
Insurance honcho and attorney couple sell oceanfront Gulf Stream home for $11M
4400 Sanctuary Lane, Boca Raton and Haagen-Dazs founder Reuben Mattus (Google Maps, iStock, Haagen-Dazs)
Sweet sale: Daughter of Haagen-Dazs founders sells waterfront Boca Raton mansion
Sweet sale: Daughter of Haagen-Dazs founders sells waterfront Boca Raton mansion
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...