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

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.