South Florida Resi Sales Drop As Price Growth Slows in Sept. 2022

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(Illustration by The Real Deal with Getty)

Residential sales fell by more than 25 percent across South Florida in September, as rising mortgage rates and sky-high prices continue to propel the market slowdown.

Median prices kept their upward trajectory across the tri-county region, though price growth is slowing on a monthly basis. Closed dollar volume totaled $4.2 billion in September, down more than 20 percent compared to September of last year, according to the Miami Association of Realtors. The association’s reports only include sales recorded on the Multiple Listing Service.

Miami-Dade County

Residential sales in Miami-Dade County declined 28 percent in September, year-over-year, according to the report. Single-family home sales fell 30 percent to 869 closings, while condo sales decreased about 27 percent to 1,309 sales.

The median price of single-family homes grew 17 percent compared with the same month last year, to $568,000. The median price has been on the rise for nearly 11 years, but compared to August, it only increased about 3 percent. The median condo price in September rose about 20 percent annually, or 5 percent monthly, to $395,000.

Miami-Dade County saw $1.6 billion in dollar volume close last month for on-market properties. Single-family dollar volume totaled about $760 million, a 36 percent decrease, and condo dollar volume fell 15 percent to $832.8 million.

Broward County

In Broward County, residential sales decreased 25 percent, year-over-year, to 2,348 closings in September. Single-family home sales experienced a bigger drop, falling about 31 percent to 1,033 sales. Condo closings declined 20 percent to 1,315 sales.

The median price of single-family homes rose 13 percent, year-over-year, to $565,000, but by less than 1 percent compared with August. The median price of condos grew 24 percent on an annual basis, to $265,000, yet stayed flat compared to the previous month.

Closed dollar volume fell to $1.2 billion last month, with single-family home dollar volume decreasing 24 percent to $751 million, and condo dollar volume inching up slightly (1.5 percent) to $473 million.

Palm Beach County

Residential sales dropped 25.5 percent to 2,109. Single-family home sales in Palm Beach County decreased 19 percent, year-over-year, to 1,170, while condo deals declined 32 percent to 939.

The median price of single-family homes grew 23 percent to $580,000, which is up less than 3 percent compared with August. The median price of condos rose 18 percent to $290,000, a slight decline of $1,000, or 0.3 percent on a month-to-month comparison.

Closed dollar volume totaled $1.4 billion in September. Single-family home dollar volume declined 13 percent to $1 billion, and condo dollar volume fell 24 percent to about $371 million.

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