Miami-Dade County home and condo sales fell by 10 percent in February, marking one of the biggest declines in recent months. Broward also saw a decline in sales – including a 16 percent drop in single-family home sales – while Palm Beach County reported a year-over-year increase, according to the associations of Realtors.
Home prices, which are rising nationwide, were up in all three counties in February.
Residential sales in Miami-Dade fell 10 percent in February compared to the same month of the previous year. The county recorded 881 single-family home sales last month, down 10 percent from 979 in February of last year. Condo sales also continued falling, by 10 percent, to 954 last month from 1,060 in February of last year.
Residential properties sold last month totaled $834.1 million, a 1.5 percent increase from the $821.5 million recorded in February 2016, according to the Miami Association of Realtors.
Single-family home prices keep rising in Miami-Dade, increasing by 18.8 percent to $321,000 last month from $270,221 in February 2016. February marks the 63rd consecutive month that prices for single-family homes have increased. Condo prices also jumped year-over-year by 6.3 percent, to $220,000 from $206,950.
Meanwhile, the supply of single-family homes decreased slightly, to 6,489 last month from 6,558 listings last February. The county ‘s supply of condos rose, however, by 10 percent to 15,289 from 13,852 listings during the same period in 2016. And that number is likely to grow as more buildings are delivered, experts say.
Properties priced between $250,000 and $600,000 continued to fare much better than other sectors of Miami-Dade’s residential market. In February, mid-market home sales jumped 10.5 percent. That range of home sales represented more than a quarter of all home sales in the county.
Single-family home sales declined by nearly 16 percent in Broward County, while condo sales actually saw a slight year-over-year increase. Residential prices rose across the board in Broward.
In Broward, 988 houses sold in February compared to 1,175 during the same month last year. Condo sales were up by 1.8 percent, to 1,171 from 1,150. The good news in Broward is that inventory is down across the board: active listings for single-family homes are down 8 percent and condos are down 7.2 percent year-over-year.
The Greater Fort Lauderdale Realtors said that Broward has 3.9 months of supply of single-family homes, and 6.4 months of supply of condos and townhomes.
Residential sales in Palm Beach County increased by 1.2 percent to 1,160, according to the Realtors Association of the Palm Beaches. Inventory increased by 8 percent for single-family homes. That puts the county’s supply of houses on the market at 5.4 months.
The median sales price for single-family homes increased by 6.8 percent to $315,000 in February, compared to February of 2016.
The association did not provide overall home price statistics for Palm Beach County.
Overall, the share of distressed sales, which includes short sales and bank-owned properties, continued to fall in South Florida, reflecting a nationwide trend.