Home sales tumble in South Florida — yet again

Declines in Miami, Broward and Palm Beach counties in February, y-o-y, mimic nationwide trend

Miami /
Mar.March 22, 2019 05:30 PM

Miami skyline (Credit: iStock)

Across South Florida, home sales fell again in February, mimicking a nationwide trend.

The declines follow a slow start to the year in South Florida. In January, total home sales decreased throughout the tri-county region, with Palm Beach County reporting the biggest percentage drop: down 21.1 percent.

Prices, meanwhile, continued climbing upward in Miami-Dade, Broward and Palm Beach counties – with the exception of single-family homes in Palm Beach County.

Miami-Dade

Home sales in Miami-Dade fell 3.6 percent in February, year-over-year, to 1,739, according to the Miami Association of Realtors. Condo sales took the biggest hit, falling 5.1 percent to 934 closings, while single-family home sales decreased 1.8 percent to 805.

The total sales volume decreased only 0.1 percent to $863.2 million.

Home prices, meanwhile, kept rising. The median single-family home price increased 3.8 percent to $345,000, and the median condo price rose 8.7 percent to $250,000.

Broward

Total residential sales dropped nearly 10 percent year-over-year in February, down to 2,051. Single-family home sales decreased 8.6 percent to 938, and condo sales totaled 1,113, an 11.1 percent decline from the previous year.

The total sales volume in Broward fell by 9.3 percent to nearly $658 million.

The median price for a single-family home increased 4.5 percent to $350,000, and the median price for condos rose slightly, up 1.3 percent to $160,000.

Palm Beach

Overall residential sales decreased 7.8 percent to 2,000 closings in February. Sales of single-family homes decreased 9.8 percent to 1,098, and condo sales declined by 5.4 percent to 902.

In February, the total residential sales volume fell to $846.5 million, a 12.6 percent drop compared to the same period last year.

Unlike in Broward and Miami-Dade, the median price for single-family homes actually went down in Palm Beach County, dropping by 1.4 percent to $340,000. Condo prices rose 7.6 percent to $183,000.


Related Articles

arrow_forward_ios
Hassan Whiteside and 528 Lakeview Court in Miami Beach (Getty, Joe Azar/Compass)
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
(ONE Sotheby's Realty)
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
2445 South Ocean Boulevard (Ed Butera/IBI Designs, iStock)
Hedge funder drops record $35M for oceanfront Highland Beach estate
Hedge funder drops record $35M for oceanfront Highland Beach estate
Home prices notched record-shattering growth in 2021, but slowdown is likely
Home prices notched record-shattering growth in 2021, but slowdown is likely
Home prices notched record-shattering growth in 2021, but slowdown is likely
6315 11th Ave Gulfport (iStock, Heckler Realty Group, Illustration by Shea Monahan for the Real Deal)
Tampa-area home billed as first in US to be sold as an NFT
Tampa-area home billed as first in US to be sold as an NFT
From left: 1840 South Ocean Boulevard, 1341 South Ocean Boulevard and 2000 South Ocean Boulevard
These were South Florida’s largest resi sales of 2021
These were South Florida’s largest resi sales of 2021
Miami-Dade County slapped with ethics complaint over approval of 550-home Calusa project
Miami-Dade County slapped with ethics complaint over approval of 550-home Calusa project
Miami-Dade County slapped with ethics complaint over approval of 550-home Calusa project
Now streaming: TRD’s podcast Deconstruct on what’s next for Surfside
Now streaming: TRD’s podcast Deconstruct on what’s next for Surfside
Now streaming: TRD’s podcast Deconstruct on what’s next for Surfside
arrow_forward_ios

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

Loading...