Resi sales plummet across South Florida in Q2. Here are the hardest hit markets

Coral Gables condos saw biggest percentage drop of all

Miami /
Jul.July 16, 2020 01:30 PM
Coral Gables (iStock)

Coral Gables (iStock)

Residential sales plunged across Miami-Dade, Broward and Palm Beach counties in the second quarter, following a first quarter in which home sales were largely spared from the effects of coronavirus, according to Douglas Elliman’s latest reports.

Among the areas hardest hit in South Florida, Manalapan, a high-end market south of Palm Beach, experienced a 54 percent annual drop in closed sales in the second quarter. The condo market in Coral Gables saw the biggest annual decline of all, at more than 61 percent.

The Elliman reports, authored by Jonathan Miller of Miller Samuel, also show an overall drop in sales compared to the first quarter.

Here’s a look at the breakdown:

Miami Beach and the barrier islands
In Miami Beach and the barrier islands, including Bal Harbour, Bay Harbor Islands, Fisher Island, Golden Beach, Indian Creek, Key Biscayne, North Bay Village, Sunny Isles Beach and Surfside, overall residential sales fell by 48 percent, year-over-year, to 501 closings.

Condo sales dropped by 52 percent to 415, and single-family home sales fell by 16.5 percent to 86 closings. The median price of a condo was $361,000 and the median price of a house was $1.3 million.

Coastal Miami mainland
In the coastal areas of the mainland that Elliman covers, sales decreased by 40 percent, year-over-year, to 2,672.

Condo sales took the biggest hit, dropping by 48 percent to 1,149. Single-family home sales decreased by 32 percent to 1,523.

The median price for condos was $350,000, and for houses, $416,000.

Coral Gables
Single-family home sales again outperformed condo sales, but both experienced declines in the second quarter. In Coral Gables, 98 single-family homes sold, marking an 18.3 percent annual drop. Thirty-two condos sold, down 61 percent.

The median price for homes was $925,000. For condos, it was $327,500.

Fort Lauderdale
Single-family home sales in Fort Lauderdale totaled 340, down 41 percent year-over-year. Condo sales declined by 44 percent to 339 closings.

The median price for houses was $385,000, and for condos it was $315,000.

Palm Beach
In Palm Beach, where brokers have been reporting a huge uptick in sales and activity of high-end homes, single-family home sales saw the smallest decrease. Thirty houses sold, a 3.2 percent decline, according to Elliman. That does not include off-market sales, which experienced strong growth, brokers say.

Condo sales were cut in half, falling by 51 percent to 52 closings.

The median price for single-family homes was $6.9 million. For condos, it was $929,000.

Manalapan
In Manalapan, only 13 sales were recorded in the Multiple Listing Service, a 54 percent annual decline.

The median price was $1.25 million.

West Palm Beach
Condo sales in West Palm Beach, a market that includes the recently completed Bristol condo tower, totaled 424 in the second quarter, a 45 percent drop. Home sales fell by 24 percent to 427.

The median price for houses was $322,000, and $145,000 for condos.


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