Drew Dixon
March home sales saw yet another slide in the South Florida market, with some counties seeing around 50% drop from a year ago.
It’s now been three straight months that single-family housing sales have plunged for Miami-Dade and Broward counties, according to the Elliman Report. Palm Beach County managed to avoid a drop in home sales in March, but just barely.
Broward was hit the worst in March. Closed signed contracts dropped 54.4% compared to March 2024. That’s a total of 217 home sales last month, down from 476 houses sold last year. The March figure was the exact same number as homes sold in February.
Home sales were nearly as ugly in Miami-Dade County. That county saw 513 signed contracts for single-family house sales, down from the 993 sales for the same time last year, or a 48.3% decline. Home sales were also down from the February’s mark of 522.
Palm Beach County didn’t see as dramatic a drop as those witnessed in Broward or Miami-Dade. But the market was by no means robust. There were 412 signed contracts for home closings in Palm Beach, up slightly from last year’s figure of 409 homes sold, or a 0.7% increase.
While the year-over-year comparison offered some glimmer of optimism, the monthly measure was not so uplifting. There were 438 homes sold in Palm Beach in February, marking a 6% drop month to month.
While the single-family home sales market is shaky in South Florida, the condo market is outright dire.
All three counties reported steep declines in March. The declines in condo sales were more profound than the single-family home market and reflect a prolonged slump, with Broward County turning in the worst performance. Condo sales plunged 67.8% year over year in March, dropping from 577 last year to 187.
Miami-Dade was nearly as bad, with a 65.8% plunge, going from 1,163 closings last year to 398.
Palm Beach County couldn’t avoid the negative side of the ledger, either. There was a 35.8% decline in condo sales in March, plummeting from 460 closings a year ago to 289.
4 comments
Peachy
April 2, 2025 at 12:40 pm
This is good for buyers. Sorry some of you greedy sellers, the party is over and I am fine with that. Need a 20-30% reduction. Let’s see if that is where the market takes us
JD
April 2, 2025 at 12:55 pm
So you are OK with the banks giving a 20-30% reduction on the loans and eating it? What’s good for buyers should also apply to the sellers. Otherwise you’re just an vulture misery opportunist. Not a good look, but then again, the GOP has no shame.
Skeptic
April 2, 2025 at 5:32 pm
Make America 2008 again!
PeterH
April 2, 2025 at 1:10 pm
There are a few factors involved in the tightening real estate market. The high cost of homeowners insurance is one, the uncertainty of a potential legislative change to mandate condo life-safety rehabilitation, the uncertainty of Trump’s trade tariffs, the unremarkable interior design features in new on-the-market condos costing $3 million+ for 2,300 sf; and of course like Peachy references above, the typical never ending greedy real estate speculators who drive up prices hoping for after-sale windfall profits.