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.


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