South Florida home sales rise, condo sales fall in August

Residential sales volume totaled $4.3B in August across tri-county region

Miami /
Sep.September 22, 2020 05:30 PM
South Florida experienced a jump in home sales in August, while condo sales fell

South Florida experienced a jump in home sales in August, while condo sales fell

South Florida experienced a jump in home sales in August, while condo sales fell, as buyers increasingly show their preference for single-family homes.

After months of overall declines due to coronavirus, an increase in single-family home sales carried the market last month, according to tri-county data from the Miami Association of Realtors:

At the same time, prices rose throughout the region.

Miami-Dade

Residential sales grew by 6.4 percent, year-over-year, to 2,527. Single-family home sales jumped 16.6 percent to 1,357, while condo sales decreased 3.3 percent to 1,170.

Closed dollar volume of single-family homes increased more than 77 percent compared to August 2019, to $1 billion. Condo dollar volume rose 9.3 percent to $490.8 million.

Median single-family home prices increased 12.4 percent in August to $416,000. Condo prices increased 9.7 percent to $265,000.

Broward

Total home sales in Broward increased 6.7 percent to 3,089, thanks to a 16.4 percent jump in single-family home sales, to 1,672 last month. Condo sales fell by nearly 3 percent to 1,417.

Dollar volume of closed single-family home sales increased by about 36 percent annually in August, up to $883.9 million. Condo dollar volume grew by 9.6 percent to $344.4 million.

Single-family home prices in Broward increased 12.5 percent to $416,000, and condo prices jumped to $199,900, a 13.2 percent increase compared to August of last year.

Palm Beach

Residential sales in Palm Beach County totaled 3,014, an 11.3 percent increase. Single-family home sales surged to 1,814, a 15.8 percent jump compared to last year. Condo sales also grew, up 5.2 percent to 1,200.

Single-family dollar volume increased 47.1 percent to $1.2 billion, and condo dollar volume was even, at $366.4 million.

Single-family home prices increased 12.4 percent to $399,000, while condo prices rose by 17.8 percent to $215,000.






    Related Articles

    arrow_forward_ios
    (iStock/Photo illustration by Kevin Rebong)
    Luxury resi sales keep soaring in South Florida at start of 2021
    Luxury resi sales keep soaring in South Florida at start of 2021
    (iStock)
    South Florida resi volume tops $44B in 2020, buoyed by luxury sales
    South Florida resi volume tops $44B in 2020, buoyed by luxury sales
    (iStock)
    South Florida hits record $5B in residential sales volume in December
    South Florida hits record $5B in residential sales volume in December
    (iStock)
    South Florida resi sales jump in Q4: Elliman
    South Florida resi sales jump in Q4: Elliman
    From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)
    South Florida’s pandemic-fueled residential market poised for bull run in 2021
    South Florida’s pandemic-fueled residential market poised for bull run in 2021
    From left: 300 North Lake Way, 1095 North Ocean Boulevard and 8 South Lake Trail (Google Maps)
    South Florida’s biggest residential sales of 2020
    South Florida’s biggest residential sales of 2020
    Residential sales surged in November (Getty)
    South Florida home sales soar in November, led by luxury properties
    South Florida home sales soar in November, led by luxury properties
    Palm Beach (iStock)
    South Florida resi contracts continue growing in November, with Palm Beach in the lead
    South Florida resi contracts continue growing in November, with Palm Beach in the lead
    arrow_forward_ios

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

    Loading...