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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%
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 kk@therealdeal.com