Home sales plunged across South Florida in Q2

Condo sales in Miami-Dade experienced a 48% annual drop

Miami /
Aug.August 13, 2020 12:30 PM
Coronavirus took a toll on South Florida’s residential markets

Coronavirus took a toll on South Florida’s residential markets

Coronavirus took its toll on South Florida’s residential markets in the second quarter, with double-digit declines in Miami-Dade, Broward and Palm Beach counties.

Miami-Dade condo sales fared the worst, with sales dollar volume and closings falling by nearly half. Single-family home sales dropped by more than 30 percent in each county, year-over-year, according to the Miami Association of Realtors.

Luxury brokers have pointed to an increase in home sales in waterfront markets such as Miami Beach and Palm Beach, but those sales are in the high-end.

“While we are benefitting from New Yorkers relocating, that benefit is being concentrated into the $1 million-plus single-family home market,” said Ana Bozovic of Analytics Miami. “That market checks two very important boxes: it caters to the investor class and it is perceived as need-based during a pandemic. Condos are not so lucky.”

Miami-Dade

Residential sales in Miami-Dade declined by 39.4 percent to 4,766. Single-family home sales dropped to 2,688, a 30.3 percent year-over-year decrease, while condo sales declined by 48.1 percent, to 2,078.

As a result, closed sales dollar volume also plunged: single-family home dollar volume experienced a 23.5 percent decrease to $1.6 billion, and condo dollar volume was cut by 46.7 percent, to $858.8 million.

Prices were still on the rise, increasing by 5.6 percent for houses to $380,000, and by 5.2 percent for condos to $262,250.

Broward County

Overall, residential sales totaled 5,827 in the second quarter, down 38.5 percent year-over-year. Single-family home sales fell 33.3 percent to 3,112. Condo sales in Broward County declined by 43.5 percent to 2,715.

Single-family dollar volume fell to $1.5 billion, a 30.5 percent decline. Condo dollar volume decreased by 41.1 percent to $644.7 million.

Prices rose for single-family homes, increasing 5.5 percent to $385,000, and for condos, up 5.7 percent to $185,000.

Palm Beach County

In Palm Beach County, home and condo sales decreased 34.5 percent year-over-year to 6,055. Single-family home sales were down by 30.6 percent to 3,660. Condo sales declined by 40.2 percent to 2,395.

Single-family home dollar volume dropped by 20.9 percent to $2.3 billion, and closed condo sales volume experienced a 34 percent decline to $788.5 million.

Single-family home prices increased 4.2 percent to $370,000. Condo prices rose 7.2 percent to $200,000.

Write to Katherine Kallergis at [email protected]


Related Articles

arrow_forward_ios
Inventory for single-family homes and condos fell, indicating a seller’s market (Getty)
South Florida residential sales soar to $8B in June, led by luxury buys
South Florida residential sales soar to $8B in June, led by luxury buys
Apollo Global Management’s Josh Harris and Softbank CEO Marcelo Claure with the property (Getty)
SoftBank’s Marcelo Claure sells Miami Beach mansion to Apollo co-founder for $32M
SoftBank’s Marcelo Claure sells Miami Beach mansion to Apollo co-founder for $32M
The Allison Island spec home with James Curnin and Adam Wyden (LPG, Columbia Business School)
Hedge funder buys Allison Island spec home for $14M
Hedge funder buys Allison Island spec home for $14M
Does it come with a home theater? IMAX director buys oceanfront Palm Beach house for $29M
Does it come with a home theater? IMAX director buys oceanfront Palm Beach house for $29M
Does it come with a home theater? IMAX director buys oceanfront Palm Beach house for $29M
Thomas Iovino and the Palm Beach property (Iovino via LinkedIn, Brown Harris Stevens via Realtor)
Construction chief buys flipped Palm Beach spec mansion for $18M
Construction chief buys flipped Palm Beach spec mansion for $18M
Alan Jay Wildstein and the waterfront house (Alan Jay Automotive Network, Elmes Group Waterfront Estates)
Car dealership mogul sells waterfront Fort Lauderdale home for $8M
Car dealership mogul sells waterfront Fort Lauderdale home for $8M
Miami has seen a constant stream of sales over the past several months (Getty)
Skyrocketing Q2 resi sales leave little inventory in South Florida: Elliman
Skyrocketing Q2 resi sales leave little inventory in South Florida: Elliman
Florida Panther Keith Yandle and his Fort Lauderdale house (Getty, Compass)
Score: Professional hockey player Keith Yandle sells waterfront home in Fort Lauderdale for $6M
Score: Professional hockey player Keith Yandle sells waterfront home in Fort Lauderdale for $6M
arrow_forward_ios

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

Loading...