The Real Deal Miami

Home sales flat in Miami, dip in Broward and Palm Beach

Tri-county region still struggling in October, post-Hurricane Irma
By Katherine Kallergis | November 21, 2017 04:45PM

Miami skyline (Credit: Pixabay)

Home sales dipped in October in Palm Beach and Broward counties and stayed relatively flat in Miami-Dade County, year-over-year, according to the latest figures from the Miami, Fort Lauderdale and Palm Beaches Realtors.

Prices continued rising and cash sales fell in the three counties.

Miami-Dade might finally be bouncing back from the disruption caused by Hurricane Irma. Residential sales budged forward last month, rising 0.6 percent year-over-year to 1,991 closings from 1,980 the previous year. The total sales volume of residential properties totaled $846 million in October, according to the Miami Association of Realtors.

Condo sales increased 1.5 percent annually to 998, while sales of single-family homes dipped 0.4 percent to 993 closings.

Prices, meanwhile keep rising for both single-family homes – up 9.7 percent to $340,000 – and condos/townhouses – up 1.1 percent to $216,250.

Residential sales declined 2.8 percent in October to 2,431 closings from 2,501 the previous year. Single-family home sales fell 3.5 percent to 1,201, while condos/townhouse sales dipped 2.1 percent to 1,230 closings last month, according to Florida Realtors.

The median sale price of single-family homes rose 3.1 percent to $335,000, according to the report. For a condo, the median price increased 6.9 percent to $155,000.

In October, the number of listings fell for both condos – down 6.7 percent to 7,699 – and houses, which dwindled by 4.3 percent to 5,109.

Palm Beach
Closings fell more dramatically in Palm Beach County, where a combined 2,162 residential properties traded in October, down 5.8 percent from the 2,296 closings recorded the previous year, according to Florida Realtors.

Sales of single-family homes declined 3.8 percent to 1,261 last month, while condo/townhouse sales dropped 8.5 percent to 901.

The median sale price rose for both sectors of the residential market. The median price of single-family homes was up 4.8 percent to $325,000, and the median price of a condo/townhouse was $169,000, up 10.6 percent year-over-year.