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September Home Sales Decline in South Florida, Yet Dollar Volume and Prices See Growth

Last month, the total volume for the tri-county region surged to $4.5 billion, marking an increase from the $4.2 billion recorded in September of the previous year, as per data from the Multiple Listing Service compiled by the Miami Association of Realtors. This rise translates to a 7 percent year-over-year growth rate.

Nevertheless, home sales continued to decline across all three counties, with Miami-Dade and Broward counties experiencing particularly substantial drops in their condo markets. September’s figures align with the ongoing trend of price escalation and a deceleration in sales, following years of a pandemic-induced surge in the tri-county area.

Here’s a breakdown by county:
Miami-Dade County:
  • Home sales in Miami-Dade County saw a 9 percent year-over-year decrease in September, totaling 1,984 sales. Single-family home sales recorded a 3 percent decline, amounting to 869 sales, while condo sales plummeted by 17 percent, totaling 1,090 sales.
  • Median prices for single-family homes grew by 6 percent, reaching $600,000. Meanwhile, median condo prices experienced a 5 percent surge, reaching $415,000.
  • The total dollar volume for September reached $1.7 billion. Dollar volume for single-family homes showed a substantial 29 percent annual increase, totaling $983 million. However, the dollar volume for condos saw an 18 percent drop, amounting to $684 million.
Broward County:
  • Broward County witnessed a 7 percent year-over-year reduction in home sales, resulting in 2,178 sales. Single-family home sales experienced a 2 percent decline, with 1,056 closings, while condo sales saw a 15 percent decrease, falling to 1,122 sales.
  • The median price for single-family homes rose by 7 percent, reaching $602,000, while condo prices grew by 2 percent, reaching $309,900.
  • Broward’s total dollar volume reached $1.4 billion. Single-family dollar volume demonstrated a 5 percent annual increase, totaling $941 million, whereas dollar volume for condos plunged by 21 percent, amounting to $416 million.
Palm Beach County:
  • In Palm Beach County, total home sales contracted by 4 percent year-over-year, totaling 2,028 closings. Single-family home sales decreased by 6 percent, amounting to 1,102, while condo sales fell by 1 percent to 926.
  • Median prices increased for both single-family homes and condos. Single-family home prices witnessed a 3 percent annual uptick, reaching $600,000, and condo prices experienced a 7 percent jump, reaching $309,900.
  • Dollar volume in the county totaled $1.4 billion in September. Single-family dollar volume increased by 4 percent, totaling $1 billion. Dollar volume for condos experienced a notable 16 percent surge, totaling $430 million.

Read also Single-Family Home Sales Continue to Thrive, Outpacing Condos in Major Markets Despite Inventory Challenges

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