South Florida Residential Market Cools

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South Florida’s sizzling residential market cools as prices dip for the second month in a row, but remain well above last year’s prices, according to a newly released report from the Miami Association of Realtors

Even as Miami-Dade County broke its record for the number of closed transactions in September, median condo prices dropped by 1.5 percent to $330,000 between August and September. Sales of single-family homes also fell, dipping 3 percent to $485,000 during the same period.

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Properties in Broward and Palm Beach counties followed a similar trajectory. The median price for apartments in Broward also decreased 3 percent, to $213,000, while Palm Beach homes declined by a little over 2 percent to $469,000.

These falling prices continue a pattern set last month when Miami-Dade and Palm Beach counties posted their first sale drops of the year. 

Despite the dips, South Florida’s residential market is still at record highs, after the rapid pace of growth over the last year, largely driven by a surge in companies and snowbirds relocating after COVID-19 lockdowns. 

Across the board, sale prices posted year-over-year growth, ranging from 11.5 percent for houses to as much as 24.5 percent for condos, both in Miami. Over the past year, the total dollar volume spent on condos in Miami has almost doubled.   

The only segments of the market that escaped drops this month were Broward County single-family homes — which grew by less than 1 percent to $499,000 — and Palm Beach County condos. Those rose the most by 6 percent to $246,000.