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May resi sales increase to nearly $7B in South Florida

Sales declined dramatically last May due to the pandemic

South Florida Home Sales Rise in May 2021 (iStock)

South Florida’s residential sales continued to soar in May.

Home sales rose across Miami-Dade, Broward and Palm Beach, with sales volume totaling $6.6 billion last month, according to reports from the Miami Association of Realtors. That followed a strong first quarter.

Year-over-year increases are more dramatic as a result of the pandemic’s toll on residential sales last May.

Miami-Dade

Total residential sales in Miami-Dade County rose 173 percent year over year in May to 3,536 closings. Single-family home sales increased 85 percent to 1,360, while condo sales increased 287 percent to 2,176.

Combined sales volume was $2.9 billion, with single-family dollar volume increasing 255 percent to $1.4 billion and condo dollar volume increasing 536 percent to $1.5 billion.

The median price for single-family homes rose 33 percent year over year to $500,000. For condos, it increased 25 percent to $325,000.

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Broward

Residential sales last month increased 142 percent in Broward County to 3,705 closings. Single-family home sales rose 101 percent to 1,634, and condo sales increased 190 percent to 2,071 sales year over year.

Dollar volume in Broward totaled $1.7 billion. Single-family dollar volume increased 183 percent to $1.1 billion, and condo sales volume jumped 256 percent to $613 million.

The median price for single-family homes rose 25 percent to $463,750, while the median condo price increased 20 percent to $210,000.

Palm Beach

Residential sales in Palm Beach County jumped 138 percent to 3,777 closings in May. Single-family home sales increased 91 percent to 1,890, and condo sales increased 216 percent to 1,887.

The total sales volume last month was $2 billion, with single-family dollar volume increasing 186 percent to $1.9 billion, and condo dollar volume increasing 343 percent to $909.1 million.

The median single-family home price increased 30 percent to $475,000. For condos, it increased 25 percent to $250,000.

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