South Florida residential sales, dollar volume drop again in June

Residential sales and dollar volume fell across South Florida in June, while median prices continued to rise. 

Total dollar volume for Miami-Dade, Broward and Palm Beach counties reached $5.7 billion, according to the Miami Association of Realtors, which tracks sales recorded in the Multiple Listing Service. That’s $920 million, or 14 percent, below the $6.6 billion in closed sales in June of last year. Dollar volume was also down 14 percent in May, year-over-year, equating to a $1 billion squeeze on the market. 

While the pandemic’s dramatic surge in pricing has waned, all three South Florida markets still maintained price growth last month. 

Miami-Dade County

Miami-Dade home sales fell 18 percent, year-over-year, to 2,364 in June, the biggest drop of all South Florida counties. Single-family home sales declined 12 percent to 1,004. Condo sales plummeted 22 percent to 1,360 sales.

Median prices for single-family homes grew 8 percent, year-over-year, to $622,500. Median condo prices increased 2 percent to $418,000.

Miami-Dade’s total dollar volume reached $1.98 billion last month. Single-family home dollar volume dropped 14 percent to $1 billion, and condo dollar volume plunged more than 25 percent to $941.7 million.

Broward County

Home sales in Broward County sank 14 percent in June, year-over-year, to 2,722. Single-family home sales fell 13 percent to 1,256, and existing condo sales dropped 16 percent to 1,466.

Both single-family homes and condos showed price growth in June. Single-family home median prices rose 4 percent to $615,000. Condo median prices swelled 6 percent to $280,000.

Broward’s total dollar volume reached $1.6 billion, the least of any South Florida county. Single-family home dollar volume fell 13 percent, year-over-year, to $1 billion, and condo dollar volume tumbled 20 percent to $530 million.

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Palm Beach County

In Palm Beach County, total home sales slipped 3 percent, year-over-year, to 2,632. Single-family home sales fell at the same rate to 1,428, and condo sales decreased 4 percent to 1,204.

Palm Beach County saw moderate price growth in June. Single-family home prices rose 1  percent to $625,000. Condo median prices increased 4 percent to $325,000.

The county’s total dollar volume hit $2.1 billion, the most of any South Florida county in June. Dollar volume for single-family homes fell 13 percent to $1.5 billion, while condo dollar volume jumped 9 percent to $662 million.