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.


Related Articles

arrow_forward_ios
AIMCO founder Terry Considine and a rendering of the Grand Flamingo tower
Miami Beach board rejects Aimco’s proposal for Grand Flamingo tower
Miami Beach board rejects Aimco’s proposal for Grand Flamingo tower
Aventura Mayor Enid Weisman (Facebook via Weisman, Getty)
Aventura votes to require HOAs to submit critical reports within 48 hours
Aventura votes to require HOAs to submit critical reports within 48 hours
The current Miami Beach North Shore library with Mayor Dan Gelber (Google Maps, Gelber)
Miami Beach seeks buyers for city-owned development sites
Miami Beach seeks buyers for city-owned development sites
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
 Adam Neumann (Getty, Bal Harbour Florida)
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)
Miami penthouse sets cryptocurrency sale record: $22.5M
Miami penthouse sets cryptocurrency sale record: $22.5M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...