South Florida Luxury Sales Surge While Mid-Market Slows
Palm Beach County has set a new annual record for high-end property transactions, even as mid-market volumes decline across the region.
Palm Beach County recorded 170 home sales of $10 million or more through August. This figure breaks the previous annual record of 169 set last year. South Florida’s overall home sales volume dipped in August. Prices ticked up while inventory continued to tighten.
The luxury market outperformed the broader residential sector despite elevated mortgage rates. Million-dollar sales rose in Broward. Total dollar volume for the region held steady at $4.5 billion.
Miami-Dade Prices Rise Amid Falling Volume
Total home sales in Miami-Dade County fell 1.1 percent year-over-year. The county dropped to 1,769 transactions in August. Single-family home sales decreased 3.1 percent to 858 deals. Condo sales volume rose 1 percent to 911.
The median price for single-family homes grew 3.8 percent. The median reached $680,000 last month. Prices have increased in 174 of the last 178 months. The median for condos decreased 0.5 percent to $408,000.
Active listings fell 12.1 percent to 15,825. Distressed sales remained at historic lows. They represented only 0.3 percent of all closed residential sales in the county.
Broward Luxury Segment Drives Growth
Broward County’s total home sales dropped 4.5 percent to 1,899 transactions. Condo sales were largely responsible for the decline. They fell 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. They reached 255 last month. The median sale price for condos in Broward reached $257,000. This is up 4 percent year over year.
Broward’s total dollar volume rose 5.8 percent to $1.2 billion. Single-family homes closed $923 million in volume. This is a 7.4 percent year-over-year increase. Active listings saw a 17.4 percent year-over-year decline to 13,679.
Palm Beach Inventory Shrinks Sharply
Single-family home sales in Palm Beach County dropped to 1,135. This is down 2 percent from the same period last year. Condo transactions dropped 6.7 percent to 765. Mid-market single-family sales rose to 151 from 144.
