Residential real estate sales and overall dollar volume continued to decline in South Florida during August, according to data from the Miami Association of Realtors. The tri-county region of Miami-Dade, Broward, and Palm Beach counties recorded a 4 percent decrease in total dollar volume compared to August last year, falling from $4.5 billion to $4.3 billion.
In Miami-Dade County, there was an 11 percent year-over-year drop in total sales with 1,788 transactions completed. Single-family home sales were down by 8 percent to 964 closings, while condo sales dropped by 13 percent to 903 units. Despite fewer deals, the median price for single-family homes increased by 2 percent to $655,000. Condo prices experienced a slight dip of 1 percent, settling at $410,000. Total dollar volume for the county reached $1.7 billion; single-family home dollar volume grew by 2 percent to $1 billion but condo dollar volume decreased by 2 percent to $671 million.
Broward County also saw declines in activity. Overall sales fell by 12 percent year-over-year with a total of 1,989 closings reported. Single-family home sales shrank by 13 percent and condos were down by 12 percent compared to last August. The median price for single-family homes rose by 3 percent reaching $625,000; however, condo prices declined sharply by 10 percent to $247,700. Total residential dollar volume amounted to $1.2 billion as single-family home figures slipped by 4 percent ($859 million) and condo volumes plunged by 15 percent ($315 million).
Palm Beach County registered a smaller drop in overall transactions: total sales dipped just one percent year-over-year with a tally of 1,955 closings for August. There was a modest increase of two percent in single-family home deals (to 1,135), while condo closings fell four percent (to 820). Median prices followed similar trends as other counties—single-family homes edged up two percent ($630,000) and condos slumped ten percent ($285,000). The county’s total residential dollar volume reached $1.4 billion; single-family homes saw a one-percent gain ($1.1 billion), but condos experienced a seven-percent decline ($347 million).
The report indicates that although transaction numbers are declining across South Florida’s main housing markets and some property types have seen price drops—particularly among condominiums—single-family home values continue their upward trend despite reduced activity.
