AgentMarkets & Economy

Sales activity and cash sales fall in South Florida

Miami-Dade's neighbors to the north are experiencing declining home sales activity and fewer cash deals
  • Palm Beach and St. Lucie counties experienced 7.8 and 4.4 percent year-over-year dips in home sales activity.
  • All four of Palm Beach County's largest cities saw double-digit drops in total sales activity.
  • The majority of home sales in St. Lucie County occur in Port St. Lucie.

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Last month existing home sales activity in both Palm Beach and St. Lucie counties dipped; however, what stood out more were the sharp declines in the volume of cash transactions. In Palm Beach County a total of 2,790 homes, including single-family and condos, sold during March, which equated to a nearly 7.8 percent year-over-year dip, according to Realtors Association of the Palm Beaches. Accounting for 1,520 of those sales were single-family homes. Of those sales, 579 represented cash deals, a 25 percent year-over-year decline. In Palm Beach County's condo sector 812 of the 1,270 sales that occurred last month were done so via cash. The total equates to a 15.6 percent drop in condo cash deals. To the north in St. Lucie County a total of 586 homes traded last month, a 4.4 percent year-over-year drop. Of the 493 single-family homes that sold, 146 were cash transactions. During March of last year there were 219 cash deals. Last month 55 condos were purchase in the county ...