South Florida home sales decline again in July – except in Palm Beach

In Palm Beach County, luxury single-family home sales increased by more than 105%

Miami /
Aug.August 21, 2020 06:00 PM
Palm Beach (iStock)

Palm Beach (iStock)

South Florida home sales continued to fall in July, according to the Miami Association of Realtors. The rosy exception? Palm Beach County, where residential sales increased, thanks to a surge at the high end of the market.

Meanwhile, median sale prices continued to climb throughout the tri-county region.

Miami-Dade
Residential sales decreased 7.5 percent in July, year-over-year, to 2,303. Single-family home sales fell by 6 percent to 1,194, while condo sales declined 9.1 percent year-over-year, to 1,109.

Single-family closed dollar volume grew slightly, up 0.6 percent to $810.4 million. Condo dollar volume decreased 2.9 percent, year-over-year, to $453.3 million.

Though sales dropped across the board, median prices continued to rise. Single-family home prices increased 10.2 percent to $410,000 in July, and condo prices increased 4.2 percent, year-over-year, to $260,000.

Broward
Total residential sales in Broward County declined by 6.6 percent in July, to 2,972. Single-family homes continued to outsell condos, rising 0.7 percent to 1,646. Condo sales, meanwhile, fell by 14.3 percent to 1,326.

Closed sales volume of single-family homes increased 8.4 percent to $841.3 million. Condo dollar volume decreased 1.1 percent to $340.2 million.

Prices of single-family homes grew by 5.3 percent to $400,000, while condo prices rose by 13.6 percent to $196,000.

Palm Beach
Following a slow June, home sales rose by 8.4 percent in Palm Beach County in July, to 3,260. Single-family home sales increased 9.4 percent, year-over-year, to 1,941. Condo sales also grew, rising 7.1 percent to 1,319.

Luxury home sales, which have surged during the pandemic, fueled the overall increase. Luxury single-family sales, defined as those over $1 million, increased by more than 105 percent to 234 sales in July. Luxury condo sales rose 51.4 percent to 53 sales.

Closed dollar volume of single-family homes grew by 39.5 percent to $1.4 billion, and condo dollar volume totaled $404.2 million, a nearly 12 percent annual increase.

Single-family home prices increased 12.5 percent to $399,320. Condo prices increased 10.8 percent to $205,000.

Write to Katherine Kallergis at [email protected]


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