Residential sales fell across South Florida’s top markets in the second quarter, while prices continued to climb, according to the Douglas Elliman reports.
The annual sales declines were partially a result of rising interest rates, volatility in the financial markets and the war in Ukraine, according to the reports, which are authored by Jonathan Miller of Miller Samuel. They also follow a record year for South Florida real estate in 2021.
Miami coastal mainland
Closings fell 16 percent, year-over-year, to 5,236 in the coastal areas of mainland Miami-Dade, which include Greater Downtown Miami, Coconut Grove, Palmetto Bay and other neighborhoods.
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Single-family home sales decreased 21 percent to 2,049 closings in the second quarter, while condo sales fell 12 percent to 3,187 closings. The median price of a condo on the coastal mainland jumped 34 percent to $435,000, and the median price of single-family homes rose 14 percent to $628,000.
Inventory of single-family homes grew 26 percent to 1,872 listings of single-family homes. Condo inventory dropped 32 percent to 2,658 listings.
Miami Beach and the barrier islands
Residential sales decreased 23 percent to 1,849 closings on the barrier islands of Miami Beach, Bal Harbour, Bay Harbor Islands, Fisher Island, Golden Beach, Indian Creek, Key Biscayne, North Bay Village, Sunny Isles Beach and Surfside in the second quarter.
Single-family home sales plunged 49 percent to 149 closings, and inventory shrunk slightly, down 2 percent to 295 listings. The median sale price ballooned, up 70 percent to $3.5 million.
Condo sales fell 19 percent to 1,700 closings, and condo inventory also took a nosedive, dropping 36 percent to 2,068 listings. The median sale price of condos decreased 3 percent to $525,000.
Coral Gables
In Coral Gables, single-family home sales declined 52 percent to 135 closings. The median sale price grew 7 percent to $1.6 million. Inventory, meanwhile, fell 15 percent to 120 listings.
Condo sales fell 17 percent to 119 closings. The median price rose dramatically, up 53 percent, to $585,000. Listing inventory declined 45 percent to 70.
Fort Lauderdale
Single-family home sales in Fort Lauderdale dropped by 23 percent to 592 closings. The median price rose about 7 percent to $650,00. Inventory increased 25 percent to 494 listings.
Condo sales fell 17 percent to 800 closings in the second quarter. The median price of condos rose 30 percent to $435,000. Inventory dropped to 444 listings, a 36 percent annual decline.
Palm Beach
In the town of Palm Beach, 35 single-family homes sold in the second quarter, marking a 39 percent decline. The median sale price of single-family homes rose a whopping 81 percent to $14.5 million. Listings totaled 36, up 44 percent.
Condo sales fell 43 percent to 110 closings. The median sale price of condos rose 33 percent to $1.3 million. Listings of condos also grew, up 45 percent to 93.
West Palm Beach
Single-family home sales declined 21 percent in West Palm Beach to 560 closings, as inventory grew 47 percent to 371 listings. The median sale price of single-family homes jumped 29 percent to $517,000.
Condo sales fared better, increasing 9 percent to 826 closings. The median sale price of condos grew 50 percent to $240,000. Listings declined, falling about 7 percent to 409.