Resi prices rise, as sales keep falling across South Florida

Residential sales mostly fell across South Florida in the third quarter, but pricing was still on the rise, according to the Douglas Elliman reports. 

Single-family home sales outperformed condo sales in many cities, even if they stayed flat or declined slightly. Inventory grew, year-over-year, in most of the top markets, but it is still well below pre-pandemic levels, according to Jonathan Miller of Miller Samuel, who authors Elliman’s reports.

“We’re coming out of the pandemic era, but it’s a market that continues to be distorted by lack of inventory,” Miller said. 

High mortgage rates continue to hamper sales. The third quarter looked a lot like previous quarters, Miller added. 

“Sales are more down than up, and inventory is more down than up,” he said. “The only difference is we’re further out from the pandemic and further from distortion, but the Fed pause [on rates] will be helpful eventually.” He added that he doesn’t expect flat to falling rates for another couple of quarters.

The reports do not include off-market deals unless they were entered into the Multiple Listing Service. Here’s a breakdown by market: 

Miami coastal mainland 

Residential sales fell 11 percent in the third quarter, year-over-year, to 3,458 closings across coastal Miami mainland, which includes Greater Downtown Miami, Coconut Grove, Palmetto Bay and other neighborhoods.

Single-family home sales declined about 5 percent to nearly 1,600 closings. Condo sales dropped 16 percent to 1,861 sales. 

The median sale price of single-family homes grew 10 percent, year-over-year, to $668,000. For condos, it rose 8 percent to $440,000. 

While inventory of single-family houses decreased 17 percent to 1,839 listings by the end of the third quarter, more condos were put on the market. Condo inventory rose nearly 9 percent to 3,319 active listings. 

Miami Beach and the barrier islands 

Residential sales on the barrier islands of Miami Beach, Bal Harbour, Bay Harbor Islands, Fisher Island, Golden Beach, Indian Creek, Key Biscayne, North Bay Village, Sunny Isles Beach and Surfside totaled 904 closings in the quarter, down 13 percent annually.

Single-family home sales remained flat at 92 closings, while condo sales dropped 14 percent to 812 sales. 

The median sale price for single-family homes rose 7 percent to $3 million. For condos, it grew 4.5 percent to nearly $540,000. 

Inventory of single-family homes rose 14 percent to 349 listings. Condo inventory increased about 10 percent to 2,477. 

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Fort Lauderdale

Again, single-family home sales fared better than condo sales. Fort Lauderdale saw 439 single-family homes sell, up about 1 percent, year-over-year. Condo sales fell 21 percent to 449 closings. 

The median price of houses increased slightly, up about 1 percent to $550,000. The median price of condos actually fell, down 8 percent to $445,000. 

Single-family inventory fell just a bit, less than 1 percent to 624 listings. Condo inventory rose dramatically, up 47 percent to 825 listings. 

Palm Beach

Palm Beach experienced double-digit annual declines in sales recorded on the MLS. Single-family home sales on the island fell 31 percent to 11 closings, while condo sales dropped more than 50 percent to 23 closings. 

The median sale price for single-family homes rose 54 percent to $14.4 million. For condos, it dropped 37 percent to $1 million. 

Inventory of single-family homes jumped 51 percent to 53 listings by the end of the third quarter. Condo inventory rose 4 percent to 112 listings. 

West Palm Beach

Condo and single-family home sales were nearly flat in West Palm Beach, year-over-year, good news for a market that has seen double-digit declines in previous quarters. 

About 350 single-family home sales were recorded on the MLS, down 1 percent compared to the same period last year. Condo sales fell just 0.2 percent to 595 closings. 

The median sale price for single-family homes grew 5 percent to $485,000. For condos, it rose 19 percent to $260,000. 

Inventory of single-family homes fell 19 percent to 434 listings. Condo inventory rose about 40 percent to 677 listings.