South Florida resi sales down, dollar volume up in May

Dollar volume reached $6.1B, prices continued to rise

South Florida Resi Sales Down, Dollar Volume Up May 2024

Sales dropped, but dollar volume and prices rose across South Florida in May.

The decline in sales, year-over-year, follows an April rally, according to data collected by the Miami Association of Realtors. Dollar volume reached $6.1 billion last month, up from $6 billion in May of last year

Median prices continued to jump in May for both single-family homes and condos throughout the tri-county region.

Miami-Dade County

Total home sales in Miami-Dade County dropped 1 percent, year-over-year, to 2,397 closings. Single-family home sales rose 6 percent to 1,102, while condo sales fell 6 percent to 1,295.

Median prices for single-family homes increased 6 percent to $650,000. Condo median prices grew 2 percent to $425,000. 

Total dollar volume reached $2.2 billion for the county. Dollar volume for single-family homes surged 22 percent to $1.3 billion, while dollar volume for condos sank 4 percent to $943 million. 

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Broward County

Broward County total home sales fell 7 percent, year-over-year, to 2,583 in May. Single-family home sales held steady at 1,249 closings. Condo sales plunged 12 percent to 1,334 deals.

Single-family home median prices swelled 7 percent to $625,000. Median prices for condos grew 4 percent to $282,000.

Dollar volume for Broward County totaled $1.5 billion in May. Single-family home dollar volume ballooned 10 percent, reaching $1 billion. Condo dollar volume slumped 10 percent to $500 million.

Palm Beach County

Total home sales slowed in Palm Beach County, declining 7 percent, year-over-year, to 2,573 closings. Sales for single-family homes sank 1 percent to 1,460 deals. Sales for condos tumbled 14 percent to 1,134.

Median prices for single-family homes grew 4 percent to $645,000, and median prices for condos jumped 8 percent to $340,000. 

Dollar volume totaled $2.4 billion across the county. Dollar volume for single-family homes climbed 7 percent to $1.8 billion. For condos, it dropped 7 percent to $644 million.

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