Residential sales and dollar volume dropped in South Florida in August, as the market continues to soften.
Dollar volume in Miami-Dade, Broward and Palm Beach counties fell 4 percent to $4.3 billion, down from $4.5 billion last August, according to Multiple Listing Service data collected by the Miami Association of Realtors. Despite the drop in sales, single-family homes across the tri-county region saw price growth.
Miami-Dade County
In Miami-Dade County, total sales declined 11 percent, year-over-year, in August, to 1,788 deals. Single-family home sales fell 8 percent to 964 closings, and condo closings plunged 13 percent to 903.
The median price for single-family homes rose 2 percent to $655,000. For condos, the median sale price dipped 1 percent to $410,000
Dollar volume across the county totaled $1.7 billion. For single-family homes, dollar volume grew 2 percent to $1 billion. Condo dollar volume fell 2 percent to $671 million.
Broward County
Total sales in Broward County dropped 12 percent, year-over-year, to 1,989 closings. Single-family home sales shrank 13 percent to 1,015. Condo closings decreased 12 percent to 974.
The median price for single-family homes grew 3 percent to $625,000. For condos, the median price dropped 10 percent to $247,700.
Total dollar volume reached $1.2 billion. Single-family home dollar volume fell 4 percent to $859 million. Condo dollar volume plunged 15 percent to $315 million.
Palm Beach County
In Palm Beach County, total sales dipped 1 percent, year-over-year, to 1,955 closings. Single-family home sales rose 2 percent to 1,135 deals. Condo closings fell 4 percent to 820 sales.
For single-family homes, the median price rose 2 percent to $630,000. The median price for condos slumped 10 percent to $285,000.
Total dollar volume totaled $1.4 billion. For single-family homes, dollar volume rose 1 percent to $1.1 billion. For condos, dollar volume dropped 7 percent to $347 million.