Residential sales fell again in January across South Florida, as price growth continued to slow.
Single-family and condo sales experienced double-digit percentage declines in Miami-Dade, Broward and Palm Beach counties, according to the Miami Association of Realtors, which tracks on-market sales.
Rising mortgage rates pushed many buyers to the sidelines over the past year. In January 2022, mortgage rates crossed the 4 percent threshold. Last month, mortgage rates were between 6 and 7 percent, limiting buyers’ borrowing power.
The annual sales drops were reflected in total dollar volume, which fell 34 percent, year-over-year, to about $3.2 billion, compared to $4.9 billion recorded in January of last year.
Miami-Dade County
Residential sales declined 47 percent annually in January in Miami-Dade County, to just over 1,400 closings. Single-family home sales dropped 41 percent to 593 sales, while condo sales fell 51 percent to 809 closings.
Median prices rose at a slower pace than earlier in the pandemic. The median price of single-family homes rose about 5 percent, annually to $545,000. The median price of condos grew 11 percent to $400,000, according to the Miami Association of Realtors.
Total dollar volume in Miami-Dade County last month was $1.2 billion. Single-family home dollar volume fell 43 percent, year-over-year, to nearly $589 million. Condo dollar volume plummeted 48 percent to $540.5 million.
Broward County
Residential sales in Broward County plunged 39 percent to 1,552. Single-family home and condo sales experienced similar percentage declines. Single-family sales fell 39 percent to 677 closings, and condo sales decreased 39.5 percent to 875 closings, according to the report.
The median price of single-family homes was up just 8 percent to $540,000, and the median price of condos grew 12.5 percent to nearly $270,000.
Dollar volume in Broward totaled $840 million in January. Single-family home dollar volume fell nearly 40 percent, year-over-year, to $505 million. Condo dollar volume decreased 27 percent to $334 million.
Palm Beach County
Palm Beach County residential sales declined about 36 percent annually to 1,488 closings. Single-family home sales decreased 33 percent to 794 closings, and condo sales dropped 38 percent to 694 sales.
Price growth was strongest in Palm Beach County. The median price of single-family homes increased 11 percent, year-over-year, to $582,500. The median price of condos grew 13 percent to $299,000.
Total dollar volume countywide reached $1.2 billion in January. Single-family home dollar volume decreased 12 percent, year-over-year, to $863.6 million. Condo dollar volume decreased 32 percent to $324 million.
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