South Florida home sales decline in November in all 3 counties

A mixed bag for home sales prices in Northeast Florida in November.

South Florida single-family home sales took another hit in November.

The most recent “Elliman Report” shows all three South Florida counties struggled in year-over-year home sales to close out the Fall sales period. Palm Beach, Broward and Miami-Dade counties all showed declines in home sales compared to November 2023.

Broward County saw the most dramatic decrease in home sales last month. Broward’s single-family closed contracts on houses plunged 38.1% compared to a year ago.

There were 195 newly signed contracts in November in Broward. That’s down from the 315 contracts signed a year ago. It’s also notably down from the 357 home sale contracts executed in October.

The Elliman Report analysts said Broward can’t get out of a multiyear funk in home sales, saying the decline dates back to Summer 2021.

Palm Beach County fared a little better than its neighbor to the south but still saw a decrease in home sales for November. Palm Beach had a 5.3% drop in home sales last month in the year-over-year comparison, going from 265 contract signings a year ago to 251. The Elliman Report stated that Palm Beach has seen year-over-year declines in home sales nine times since 2023.

The good news for Palm Beach County is that the latest contract signing count is slightly up from October, which saw 223 closings.

Miami-Dade County had the least significant housing sale decline, with a 3.9% drop year-over-year. Miami-Dade recorded 585 closings in November, down from 609 for the same month in 2023.

The monthly comparison was also down, as October had 682 signed closings in Miami-Dade.

While single-family home sales were already down year-over-year in South Florida, the trend for condominium sales was much more dismal. Every South Florida county saw year-over-year condo sales plummet more than 20%. Broward County endured the worst condo market in November compared to 2023. Condo contract signings plunged by 40.3% in November, going from 419 a year ago to 250.