South Florida resi sales volume drops by $1B in May

The residential slowdown continued in May across South Florida, with total dollar volume dropping $1 billion, or 14 percent, from the year prior.

Transaction and dollar volume was down in the tri-county region, according to the Miami Association of Realtors, which tracks sales recorded on the Multiple Listing Service. Though price growth is slowing, the median price of single-family homes continued to rise in Miami-Dade and Palm Beach counties. It fell in Broward. 

Total dollar volume from transactions across Miami-Dade, Broward and Palm Beach reached $6 billion, down 14 percent from the $7 billion in sales closed in May last year. 

Miami-Dade 

Home sales in Miami-Dade fell 25 percent to 2,412 closings. Single-family home sales dropped 13 percent to 1,040. Condo sales plummeted, falling 32 percent to 1,372 last month.

The median price of single-family homes grew nearly 8 percent year-over-year, climbing to $620,000. The median price of condos was stagnant at $415,000, according to the Miami Association of Realtors. 

Closed dollar volume in Miami-Dade totaled $2.1 billion in May. Single-family home dollar volume fell 17 percent to $1.1 billion, and condo dollar volume experienced a 35 percent annual decline to $983 million.

Broward 

Residential sales in Broward County shrunk 14 percent year-over-year to 2,772 closings in May. Single-family home sales declined 13 percent to 1,252, and condo sales fell 15 percent to 1,520.

The median price of single-family homes decreased slightly, down 0.2 percent to $585,000. The median price of condos climbed 7 percent to $270,000.

Dollar volume in Broward reached $1.5 billion in May. It dropped 18 percent for single-family homes and condos, down to $976 million for single-family home sales, and to $558 million for condos. 

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Palm Beach County 

Residential sales in Palm Beach County decreased 6 percent in May to 2,775. 

Single-family home sales fell 4 percent year-over-year to 1,460, while condo sales declined 8 percent to 1,315 last month.

Single-family home median prices grew just over 1 percent to $622,500. Existing condo median prices climbed 2 percent, reaching $315,000.

Palm Beach dollar volume totaled $2.4 billion in May 2023. Single-family home dollar volume surged 11 percent, year-over-year, to $1.7 billion. Condo dollar volume declined 7 percent to $692 million.