The 40% slump in residential property sales in the south of Florida compared to last year is caused by higher mortgage rates and soaring prices, preventing buyers from closing the deals. The greatest decline occurs in Miami, Palm Beach, and the Keys. The situation is exacerbated by the fact that in many regions, prices have broken all records this year as the market is experiencing a powerful recovery after the pandemic-related decline.
The three most populous Florida counties, Miami Dade, Broward, and Palm Beach, located on the southeast coast are at the top of the rating by the decline in sales, which reduced by 2,000 transactions compared to the same period last year.
Prices there have also reached new heights in 2022 as the market is recovering. For instance, the average selling price in Miami grew by 22.6% compared to last year, up to $551,000. Prices in Palm Beach increased by a staggering 83.5%.
The extreme sales reduction occurs in the most attractive locations across the Sunshine State, including Miami, West Palm Beach, and Florida Keys. Notably, these calculations were made before September 27, 2022, i.e. Hurricane Ian has not affected the results in any way.