Residential sales tumble throughout South Florida in Q1

Palm Beach County reported biggest declines

Miami /
May.May 15, 2019 09:45 AM
Palm Beach (Credit: iStock)

West Palm Beach (Credit: iStock)

The sales slowdown continues in South Florida, according to the latest figures from the Miami Association of Realtors.

Miami-Dade

Residential sales fell to 5,659 in Miami-Dade County during the first quarter of this year, a nearly 2 percent year-over-year drop. Condo sales increased slightly, by less than 1 percent, to 2,997. Single-family home sales decreased by 4.9 percent to 2,662.

Despite the declines, total sales volume totaled $2.7 billion, up from the $2.6 billion recorded in the first quarter of last year.

The median price of single-family homes in Miami-Dade increased to $350,000, a 3.9 percent jump from $337,000 in the same period last year. The median price for condos grew by 4.3 percent year-over-year to $240,000.

Broward

Condo sales dropped 8.2 percent to 3,622 closings in the first quarter, and single-family home sales fell by 5 percent to 3,175. In all, residential sales in Broward declined by 6.7 percent to nearly 6,800 closings. The total sales volume was $2.2 billion, roughly $200,000 less than the previous year.

The median price for single-family homes in Broward County increased by 2.9 percent to $355,000, and the median condo price rose to $165,000, a 3.1 percent year-over-year increase.

Palm Beach

Residential sales in Palm Beach decreased 12.3 percent year-over-year to 6,316. Single-family home sales fared worse than the condo market, falling to 3,465 closings, a 13.1 percent decline. Condo sales totaled 2,851, down 11.2 percent year-over-year.

Residential sales volume totaled $2.79 billion in the first quarter, less than the $3.27 billion sales volume recorded a year ago.

The median price for single-family homes in Palm Beach County increased to $345,000, up 1.5 percent compared to the same period last year. The median price for condos increased 1.3 percent year-over-year to $175,000.


Related Articles

arrow_forward_ios
From left: Sotheby’s Daniel de la Vega and Reagan Jefferies with Brevard County
One Sotheby’s picks up Brevard County brokerage
One Sotheby’s picks up Brevard County brokerage
10181 US Highway 98 West and 39 Sandy Dunes Circle (LoopNet)
Florida Panhandle estate sold for $25M
Florida Panhandle estate sold for $25M
Netscape co-founder Jim Clark and 2000 South Ocean Boulevard in Manalapan (Getty, Sotheby's)
Manalapan compound poised to sell for Florida-record $175M
Manalapan compound poised to sell for Florida-record $175M
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
arrow_forward_ios

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

Loading...