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South Florida

Resi sales plummet across South Florida’s three counties in June

Broward saw the biggest overall drop in resi sales

June residential sales plummet (Credit: iStock)
June residential sales plummet (Credit: iStock)

Miami-Dade
Residential sales in Miami-Dade declined by 6.1 percent, year-over-year, in June to 2,436 – mirroring the nationwide drop in sales last month. Single-family home sales totaled 1,234, a 7.7 percent annual decline. Condo sales, meanwhile, fell by 4.4 percent to 1,202.

The total sales volume in June totaled $1.13 billion, down from $1.35 billion last June. The decline in overall sales volume is due to a 15.4 percent decrease in condo sales volume, which totaled $467.5 million. Single-family home sales volume totaled more than $800 million, a 17.3 percent annual increase.

Prices of single-family homes continued rising in Miami-Dade, albeit at a slower pace, up 4.2 percent in June to $370,000. Condo prices, which have been on the rise or stagnant in recent years, rose 4.2 percent to $250,000.

Broward
Total home sales in Broward decreased by 14.5 percent to 2,954, largely due to a 17.5 percent drop in condo sales, which fell to 1,490 closings. Single-family home sales declined less than 1 percent, down to 1,464.

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The total sales volume in Broward County dropped to $1.02 billion in June, a drop of more than $200 million compared to the previous year. Single-family home sales volume decreased 10.3 percent to $683.4 million, and condo sales volume plummeted by 29.6 percent to $337 million.

Single-family home prices increased only slightly, up 0.7 percent to $369,900. The median price for condos decreased by 5.7 percent to $174,500.

Palm Beach
Residential sales decreased 7.7 percent to 2,858 in Palm Beach County last month. Single-family home sales fell to 1,692, a 6.3 percent drop, while condo sales declined by 9.6 percent to 1,166.

The total sales volume decreased to $1.19 billion, compared to $1.39 billion in June 2018. Single-family home dollar volume fell by 16.4 percent to $858.2 million. Condo sales volume fell to $329.7 million, a $16.1 percent decline.

Prices rose in Palm Beach County, but only slightly and only for single-family homes. The median price for single-family houses increased 0.6 percent to $356,990, while existing condo prices stayed flat at $190,000.

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Home Ownership