South Florida’s residential market took a nosedive in September, with sales and dollar volume dropping throughout the tri-county region.
Total dollar volume dropped 16 percent to $3.8 billion, according to Multiple Listing Service data collected by the Miami Association of Realtors. That’s down from $4.5 billion in September of last year.
Still, price growth persisted across single-family homes and condos in all markets.
Miami-Dade County
Total home sales in Miami-Dade County fell 15 percent, year-over-year, to 1,692 closings. Single-family home sales dropped 10 percent to 809, and condo sales plunged 19 percent to 883.
The median sale price for single-family homes jumped 9 percent to $653,400. For condos, the median sale price bumped up 1 percent to $420,000.
Total dollar volume in the county reached $1.5 billion. Single-family dollar volume decreased 10 percent to $890 million. Condo dollar volume shrank 16 percent to $672 million.
Broward County
Broward County total sales fell 15 percent, year-over-year, to 1,850 closings. Single-family home sales fell 12 percent to 928. Condo sales plummeted 18 percent to 922.
The single-family home median sale price rose 2 percent to $615,325. For condos, the median sale price grew 4 percent to $366,978.
Broward’s dollar volume totaled $1 billion. For single-family homes, dollar volume plunged 18 percent to $724 million. Condo dollar volume dropped 12 percent to $338 million.
Palm Beach County
Palm Beach County total sales plummeted 20 percent, year-over-year, to 1,628 closings. Single-family home sales fell 15 percent to 932. Condo sales tanked, falling 25 percent to 696.
The single-family home median sale price rose 3 percent to $615,000. The median sale price for condos grew 2 percent to $315,000.
Dollar volume in Palm Beach County reached $1.3 billion. Dollar volume for single-family homes dropped 10 percent to $935 million. For condos, dollar volume plunged 20 percent to $344 million.
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