Home sales dropped big time in South Florida in April

Sales also fell compared to March

(Credit: iStock)
(Credit: iStock)

Residential sales fell across the board in South Florida in April as the region was under a shelter-in-place order. A number of sales were canceled or put on hold, and travel was restricted due to the coronavirus pandemic.

Condo sales in Miami-Dade County were impacted the most with a 48 percent year-over-year drop, according to the Miami Association of Realtors. Overall, condo sales performed worse than single-family home sales, likely in part because buildings shut down showings and slowed or paused move-ins and move-outs.

In a previous interview with The Real Deal, Ron Shuffield, president and CEO of Berkshire Hathaway HomeServices EWM Realty, acknowledged, “April is going to be a month people are not going to like.” But he said he was encouraged by the fact that pending sales rose in the first week of May compared to the first week of April.

Despite the steep decline in sales in South Florida in April, prices continued to rise in each county.

Residential sales decreased 40.1 percent, year-over-year, in April in Miami-Dade to 1,576 closings. That’s also a 32 percent drop when compared to March, when 2,323 residential properties traded hands.

In April, single-family home sales fell by 31.6 percent year-over-year to 865 closings. Condo sales declined by nearly 48 percent to 711.

Single-family home dollar volume dropped by 24.2 percent to $508.6 million. Condo dollar volume decreased 46.8 percent to $296.9 million.

The median price of single-family homes increased 7.3 percent to $382,000, while condo prices increased 6.9 percent to $265,000.

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Total home sales fell, year-over-year, by 37.4 percent to 1,965 in April. In the previous month, residential sales totaled 2,835, marking a nearly 31 percent month-over-month decline.

Single-family home sales decreased 36.1 percent, year-over-year, in April to 985, and condo sales declined 38.8 percent to 980.

Sales dollar volume fell for single-family homes to $468.7 million, a 33.8 percent decline. Condo dollar volume decreased 37 percent to $231.2 million.

The median price of single-family homes in April was $382,000, a 6.1 percent annual increase. For condos, it was $183,500, a nearly 8 percent increase.

Palm Beach
Residential sales in Palm Beach County decreased 33.8 percent, year-over-year, to 2,052 in April. That’s a 27.6 percent decline from March when sales totaled 2,836.

Single-family home sales declined by 30.5 percent annually to 1,191. Condo deals declined 37.8 percent to 861.

Despite some big ticket sales, single-family home dollar volume decreased 30.2 percent to $690.7 million. Condo dollar volume decreased 34.1 percent to $297.7 million.

The median price for houses grew by 4.3 percent to $365,000, and by 5.4 percent to $195,000 for condos.