South Florida home sales cut in half in May

Miami condo sales saw biggest drop, falling 61%

Miami /
Jun.June 23, 2020 10:30 AM
Pending sales and closings were down in May throughout the tri-county region (iStock)

Pending sales and closings were down in May throughout the tri-county region (iStock)

May was a rough month for residential sales in South Florida, following a slow April, with closed and pending sales falling due to the coronavirus pandemic.

Pending sales were down in May throughout the tri-county region, according to the Miami Association of Realtors, which indicates that closings could continue to fall in June. A Douglas Elliman report released last week showed that new signed contracts were up in May, but that does not include sales that were already pending.

Miami-Dade
Residential sales decreased 54 percent year-over-year in May to 1,297. Single-family home sales dropped by 45.8 percent to 734. Condo sales accounted for the largest decline, falling nearly 61 percent to 563.

Single-family sales dollar volume totaled about $400 million, a 44.1 percent annual decrease, while condo dollar volume fell by 60 percent to $231.7 million.

Single-family home prices increased 4.4 percent year-over-year in May to $375,714. Condo prices rose 7 percent to $260,000.

Broward
In May, residential sales in Broward declined 54.7 percent annually to 1,529. Single-family home sales decreased 51 percent year-over-year to 814, and condo sales dropped by 58.3 percent to 715.

Single-family sales dollar volume fell by half – nearly 51 percent – to $381.5 million. Condo dollar volume decreased 56 percent to $172.2 million.

Home price growth slowed in May. Single-family home prices increased 0.7 percent year-over-year to $372,500. Condo prices decreased 2.8 percent to $175,000.

Palm Beach
Total home sales in Palm Beach County decreased 52.2 percent in May to 1,588. Single-family home sales totaled 991, a 47% annual drop. Condo sales declined 58.9 percent to 597.

Single-family sales dollar volume decreased 41.3 percent to $649.9 million, and condo dollar volume was cut in half, dropping to $205.3 million.

Condo prices increased 8.1 percent year-over-year to $200,000.


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