Hot home sales summer: South Florida resi closings jump in July

Cluster of ultra high-end home sales in Palm Beach boosted single-family sales volume to $1B

Aug.August 22, 2019 10:30 AM
Home sales rose in Miami-Dade, Broward and Palm Beach counties in July 2019. (Credit: iStock)

Home sales rose in Miami-Dade, Broward and Palm Beach counties in July 2019. (Credit: iStock)

Temperatures kept rising in July in South Florida, and home sales followed suit. The tri-county area saw annual increases in residential sales last month, according to the Miami Association of Realtors.

In Miami-Dade County, residential sales increased 6.9 percent, year-over-year, to 2,490. Single-family home sales rose 15 percent, up to 1,270, while condo sales decreased 0.4 percent to 1,220 — a difference of five sales from the previous year.

The sales volume for single-family homes rose by 31.5 percent to $805.3 million in July. Condo dollar volume increased 2 percent to $466.9 million.

Though sales rose, price growth slowed. The median price of a single-family home in Miami-Dade increased only 0.7 percent to $372,000. Condo prices increased 2.7 percent to $249,500.

Total residential sales in Broward increased 9.7 percent year-over-year to 3,181. Single-family home sales jumped nearly 12 percent to 1,634. Condo sales increased 7.4 percent to 1,547.

The total sales volume for single-family home sales last month totaled $775.8 million, a 20.3 percent increase, year-over-year. Condo dollar volume grew by 13.8 percent to $344.1 million.

Home price growth in Broward fared better than in Miami-Dade. The median single-family home price was $380,000, a 5.6 percent increase. The median condo price rose by 4.5 percent to $172,500.

Palm Beach
Residential sales in Palm Beach County in July surpassed 3,000, marking a nearly 11 percent gain from the previous year. Single-family home sales increased 15.7 percent to 1,775. Condo sales increased 4.4 percent to 1,232.

The total dollar volume for single-family home sales rose by 29 percent to $1 billion, while condo dollar volume increased 21.3 percent to $361.2 million. A number of ultra high-end sales in the town of Palm Beach closed in July, which likely boosted the county’s total home sales volume.

Single-family home prices climbed to about $355,000, a 1.4 percent increase. The median condo price rose by 4.5 percent to $185,000.

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August was a slow month for home sales throughout South Florida