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South Florida single-family home sales decline in August as inventory shrinks
Total resi sales still increased, year over year, led by luxury condos
South Florida residential sales rose in August, but single-family closings fell across the tri-county region, amid declining inventory, according to reports from the Miami Association of Realtors.
Condo sales climbed, particularly in the luxury market. Residential prices continued to rise in Miami-Dade, Broward and Palm Beach counties.
Combined dollar volume totaled nearly $6 billion in August.
Miami-Dade
Residential sales jumped by 30.6 percent, year over year, in August to 3,299 closings. Single-family home sales decreased 3.5 percent to 1,309, while condo sales climbed 70.1 percent to 1,990.
Luxury sales of single-family homes, priced at $1 million and up, rose by 68.6 percent to 258 sales, and luxury condo sales skyrocketed 217.1 percent to 222 deals.
Median prices continued to grow. The median single-family home sales price rose 20.3 percent to $500,500. The median condo price increased 26.4 percent to $335,000.
Total sales volume totaled $2.5 billion in August. Single-family dollar volume increased 37.4 percent to $1.4 billion, and condo dollar volume jumped 129.2 percent to $1.1 billion.
Broward
In Broward County, residential sales rose 10.8 percent, year over year, to 3,422, with single-family home sales declining 2.8 percent to 1,625. Condo sales increased 26.8 percent to 1,797.
Luxury sales of single-family houses climbed 68.1 percent to 195 sales, while luxury condo sales surged 294.1 percent to 67 transactions.
The median price of single-family homes increased 19 percent to $495,000, and for condos it rose 10.1 percent to $220,000.
Sales volume totaled $2.7 billion in August. Single-family dollar volume rose by 26.6 percent to $1.1 billion, and condo volume increased 61.9 percent to $557.7 million.
Palm Beach
Residential sales rose just 1.9 percent in August, year over year, to 3,072 closings, as a result of a 10.5 percent drop in single-family home sales, to 1,624 in Palm Beach. Condo sales jumped 20.7 percent to 1,448. The reports cite a lack of inventory, especially of single-family homes.
Luxury home sales, defined as $1 million and up, increased 20.4 percent to 224 sales, while luxury condo sales surged, rising 65 percent to 66 closings.
The median sales price of single-family homes was $480,000, up 20.3 percent compared to last August. The median condo price increased by 7.9 percent to $232,000.
Total sales volume in August was $1.8 billion, which breaks down to $1.3 billion for single-family homes sold, and $518 million for condos sold. They increased 11.3 percent and 41.4 percent, respectively.