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

Sales declined dramatically last May due to the pandemic

Miami /
Jun.June 23, 2021 04:30 PM
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.

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.






    Related Articles

    arrow_forward_ios
    Attorney sells oceanfront Delray Beach mansion for $34M
    Attorney sells oceanfront Delray Beach mansion for $34M
    Attorney sells oceanfront Delray Beach mansion for $34M
    Buyer Andrew Korge with renderings of the project (Korge)
    Miami River’s western bank poised for growth with $7M dev site purchase
    Miami River’s western bank poised for growth with $7M dev site purchase
    From left: Francisco Llado, Gil Dezer, Amir Korangy, Paulo Bacchi, Edgardo Defortuna, Jay Parker, Daniel de la Vega (Artefacto, Getty)
    Is Miami’s residential architecture overplayed? No way!: TRD panel at Artefacto
    Is Miami’s residential architecture overplayed? No way!: TRD panel at Artefacto
    The identity theft charges use Oceana Bal Harbour and Mei Miami Beach condos (Oceana, Mei, iStock, District Court of South Florida)
    $10M mortgage fraud honed in on Oceana Bal Harbour, Mei Miami Beach condos
    $10M mortgage fraud honed in on Oceana Bal Harbour, Mei Miami Beach condos
    Los Angeles Chargers defensive end Joey Bosa buys a waterfront Fort Lauderdale house for $6M (Daniel Petroni Photography, Getty)
    $6M play: Los Angeles Chargers’ Joey Bosa picks up waterfront Fort Lauderdale home
    $6M play: Los Angeles Chargers’ Joey Bosa picks up waterfront Fort Lauderdale home
    Washington Nationals owner buys Dadeland apartments for $114M
    Washington Nationals owner buys Dadeland apartments for $114M
    Washington Nationals owner buys Dadeland apartments for $114M
    Olivier Brandicourt and 220 Island Drive in Key Biscayne (Getty, Google Maps)
    Former French vaccine chief drops nearly $8M on waterfront Key Biscayne spec home
    Former French vaccine chief drops nearly $8M on waterfront Key Biscayne spec home
    TA Realty sells Palm Beach Gardens office building for $17M
    TA Realty sells Palm Beach Gardens office building for $17M
    TA Realty sells Palm Beach Gardens office building for $17M
    arrow_forward_ios

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

    Loading...