South Florida’s mid-market home sales dip as luxury shifts into high gear

South Florida’s overall home sales volume dipped in August, while prices ticked up and inventory continued to tighten. 

The Broward and Palm Beach County residential markets grew the most, while Miami-Dade’s remained relatively flat. 

Despite elevated mortgage rates, South Florida’s luxury market continued to outperform the broader residential market, with million-dollar sales rising in Broward and $10 million-plus sales nearing record highs in Miami-Dade and Palm Beach County, according to Multiple Listings Service data collected by the Miami Association of Realtors.

Total dollar volume held steady at $4.5 billion. 

Total home sales in Miami-Dade County fell 1.1 percent year-over-year, dropping to 1,769 transactions in August. Single-family home sales decreased 3.1 percent to 858 deals, while condo sales volume rose 1 percent to 911. 

Miami-Dade’s luxury market fared better last month, recording 194 home sales of $10 million or more, which is on pace to break the record 230 sales in 2021. 

The median price for single-family homes grew 3.8 percent, reaching $680,000 last month. Prices have increased in 174 of the last 178 months. For condos, the median decreased 0.5 percent to $408,000. 

Total dollar volume dipped 2.7 percent to $1.6 billion last month. Single-family homes closed $985 million in dollar volume, a 3.5 percent decrease year over year. Condo dollar volume fell 1.5 percent to $661 million. 

Distressed sales remained at historic lows, representing only 0.3 percent of all closed residential sales in Miami-Dade county last month. Active listings fell 12.1 percent to 15,825. 

Broward County’s total home sales dropped 4.5 percent to 1,899 transactions. Condo sales were largely responsible for the decline, falling 9.3 percent to 883 last month. Single-family home sales held steady at 1,016 transactions. 

Transactions over $1 million increased 22.6 percent year over year, reaching 255 last month. 

The median sale price for condos in Broward reached $257,000 last month, up 4 percent year over year. The report did not provide data on the median sales prices for single-family homes. 

Broward’s total dollar volume rose 5.8 percent to $1.2 billion last month, with single-family homes closing $923 million in volume, a 7.4 percent year-over-year increase. The condo dollar volume increased 1.5 percent to $319 million. 

About 0.7 percent of closed residential sales in Broward were distressed. 

Last month saw a 17.4 percent year-over-year decline in active listings from 16,559 to 13,679.

Palm Beach County recorded 170 home sales of $10 million or more through August, breaking the annual record of 169 set last year. 

Single-family home sales dropped to 1,135, down 2 percent from the same period last year. At the same time, sales for midmarket single-family home sales (between $500,000 and $600,000) rose to 151 from 144, a 5 percent jump. Condo transactions dropped 6.7 percent to 765.

Median prices for single-family homes increased 3.2 percent last month, reaching $650,000. The median sale price for condos jumped from $285,000 to $300,000, a 5.3 percent year-over-year increase. 

Palm Beach County had double-digit growth in closed sales, with total dollar volume rising 19.5 percent to $1.7 billion. Single-family home dollar volume increased 24.9 percent to $1.4 billion, while condo dollar volume increased 3.1 percent year over year to $358 million. 

Of all closed residential sales in Palm Beach County last month. 1.4 percent were distressed. 

Palm Beach County’s inventory shrunk last month, with active listings falling 20.1 percent to 10,115. 

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