Despite an overall increase in residential sales volume in South Florida’s three counties, the number of sales fell in 2017, according to newly released reports from the Florida Realtors.
Sales volume totaled $33.2 billion last year, up 3.75 percent from $32 billion in 2016. But the number of home and condo sales declined in each of Miami-Dade, Broward and Palm Beach counties. Home prices continued rising.
In Miami, residential sales fell 3.29 percent to nearly 26,000 closings totaling $11.2 billion last year. Single-family home sales fell 3 percent to 12,775 while condo sales dropped 3.6 percent to 13,111, according to the reports.
Broward fared the worst of the three counties. Sales declined 5.62 percent to nearly 32,000 closings totaling $9.9 billion. Single-family home sales totaled 15,725, an 8.4 percent drop, while condo sales slid to 16,290, down 2.6 percent.
Residential sales slipped slightly in Palm Beach, down less than 1 percent to 30,328 closings. Home sales, totaling $8.7 billion, fell 1.5 percent year-over-year to 17,240. Condo sales, totaling $3.4 billion, barely budged, declining by 0.1 percent to 30,328. That’s a difference of about 18 sales, according to the reports.