Miami-Dade home sales drop 13% in May: Florida Realtors

Closings fell 1.3% in Broward and rose 0.28% in Palm Beach County

Miami /
Jun.June 20, 2018 04:30 PM

Miami skyline (Credit: Max Pixel)

After rising in April, home sales fell in Miami-Dade and Broward counties in May, year-over-year, and rose slightly in Palm Beach County, according to the Florida Realtors.

Median prices of homes and condos increased in all three counties, with a dip in the average price of condos and townhouses in Palm Beach.

In all, South Florida closed residential sales of $3.65 billion in May, up 4.3 percent year-over-year.

Miami-Dade

Miami-Dade saw the most drastic decline in the tri-county area in May, with a 13 percent year-over-year decrease in residential closings, down to 2,373. Condo sales dropped 17.4 percent to 1,143 in May, while single-family home sales totaled 1,230, down 8.5 percent.

Again, luxury home sales outperformed other price points in Miami-Dade. Luxury sales, defined as properties priced at $1 million and up, rose 24.1 percent year-over-year to 196 closings.

The median price of a single-family home was up 7.7 percent to $350,000, and the median price of a condo was $245,000, up 8.9 percent.

Broward

Residential sales fell only 1.3 percent in Broward last month, down to 3,185 closings. The decline is due to a 3.9 percent drop in single-family home sales, bringing the total in May to 1,518. Condo and townhouse closings rose by 1.2 percent to 1,667, according to the report.

The median sale price for a single-family home was $168,000, up 5.7 percent from May 2017. For a condo and townhouse, the median price rose 6 percent to $355,000.

Palm Beach

Palm Beach County recorded nine additional residential closings in May compared to the previous year. Closings rose 0.28 percent to 3,197 residential sales.

While condo and townhouse sales increased by 3.9 percent to 1,476, the median price fell by 2 percent to $175,900. Single-family home sales declined by 2.7 percent to 1,727 and the median price of a house rose to $354,000, an increase of about 5.7 percent.


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