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Residential
South Florida

Home sales fall throughout South Florida in January: report

Palm Beach County reported the biggest percentage drop: 21.1% fewer home sales last month, year-over-year; Miami-Dade reported 11.7% decline

Downtown Miami (Credit: iStock)
Downtown Miami (Credit: iStock)

After a year of sales growth in South Florida’s residential markets, total home sales volume fell in the tri-county area during the first month of 2019.

The Miami Association of Realtors attributed the declines to a lack of inventory among lower-priced and more affordable homes, in addition to concerns about the government shutdown and uncertainty over interest rates. Still, median home prices generally rose across the region.

Miami-Dade

Total residential sales dropped 11.7 percent in January, year-over-year, to 1,607 closings. Sales of single-family homes fell 11.5 percent to 774, while condo sales decreased nearly 12 percent to 833.

Median prices rose 6.1 percent for single-family homes to $350,000, and remained flat for condos at $230,000. The median price of houses has risen for more than seven years, according to the report.

In January, the total sales volume decreased about 4 percent to $760.1 million.

Broward

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In Broward, overall residential sales fell to 1,916, a 10.7 percent decline compared to the previous year. Single-family home sales decreased by nearly 10 percent to 882, while condo sales dropped 11.4 percent to 1,034.

The median price of a single-family home was $355,000 in January, up 2.9 percent year-over-year. For condos, the median price also rose 2.9 percent, to $160,000.

The total sales volume in Broward County decreased 9.3 percent to $628.3 million.

Palm Beach

Total Palm Beach County home sales decreased 21.1 percent year-over-year in January to 1,590. Condo sales totaled 744, an 18.3 percent decline, while single-family home sales dropped 23.3 percent to 846.

The total sales volume in Palm Beach County came out to $679.8 million, a 25.1 percent decrease from the previous January.

The median price for single-family homes rose 4.6 percent to $340,000, and for condos, it increased 2.9 percent to $175,000.

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Home Ownership