Residential real estate sales and total dollar volume in South Florida declined in August, continuing a trend of market softening across Miami-Dade, Broward, and Palm Beach counties. According to data from the Multiple Listing Service compiled by the Miami Association of Realtors, overall dollar volume fell 4 percent year-over-year to $4.3 billion, compared to $4.5 billion in August of the previous year.
In Miami-Dade County, total residential sales decreased by 11 percent to 1,788 transactions. Single-family home sales dropped 8 percent to 964 closings, while condo closings fell by 13 percent to 903. The median price for single-family homes increased by 2 percent to $655,000. The median sale price for condos dipped by 1 percent to $410,000.
The county’s total dollar volume reached $1.7 billion. Single-family home dollar volume grew slightly by 2 percent to $1 billion. In contrast, condo dollar volume declined by 2 percent to $671 million.
Broward County experienced a similar downturn with total sales dropping 12 percent year-over-year to 1,989 closings. Single-family home sales shrank by 13 percent to 1,015 transactions and condo closings decreased by 12 percent to 974. The median price for single-family homes rose by 3 percent to $625,000 but the median price for condos dropped significantly by 10 percent to $247,700.
Total dollar volume in Broward reached $1.2 billion with single-family home dollar volume falling by 4 percent to $859 million and condo dollar volume plunging by 15 percent to $315 million.
Palm Beach County saw a more modest decline in total sales—down just one percent year-over-year—to reach 1,955 closings. Single-family home sales actually rose two percent year-over-year at 1,135 deals while condo closings slipped four percent to a total of 820.
The median price for single-family homes increased two percent from last August reaching $630,000; meanwhile the median price for condos slumped ten percent at $285,000.
Total dollar volume amounted to $1.4 billion in Palm Beach County: single-family home dollar volume rose one percent from last year totaling $1.1 billion while condo-related dollar volume dropped seven percent coming in at $347 million.
