South Florida’s residential sales and dollar volume plunged in May, continuing a monthslong market slowdown.
Dollar volume for Miami-Dade, Broward and Palm Beach counties dipped to $5.6 billion, down from $6.1 billion in May of last year, according to Multiple Listing Service data collected by the Miami Association of Realtors.
Miami-Dade County’s single-family homes were the only category to show price growth, with median prices falling or flatlining elsewhere.
Miami-Dade County
In Miami-Dade County, total sales dropped 20 percent, year-over-year, to 1,913 closings. Single-family home sales fell 14 percent to 943 deals. Condo closings plunged 25 percent to 970.
The median price for single-family homes rose 4 percent, from $650,000 to $675,000. The median price for condos stayed flat at $425,000.
Dollar volume for the county sank 14 percent, year-over-year, from $2.2 billion to $1.9 billion. Single-family dollar volume fell 18 percent to $1 billion. Condo dollar volume dropped 10 percent to $854 million.
Broward County
In Broward County, total sales slumped 18 percent, year-over-year, to 2,124 closings. Single-family sales dropped 11 percent to 1,110 deals. Condo closings plunged 24 percent to 1,014.
For single-family homes, the median price held steady at $625,000. The median condo price dipped 3 percent to $275,000.
Total dollar volume for the county fell 17 percent, year-over-year, from $1.6 billion to $1.3 billion. Dollar volume for single-family homes dropped 12 percent to $940 million. Dollar volume for condos plummeted 26 percent to $369 million.
Palm Beach County
In Palm Beach County, total sales fell 12 percent, year-over-year, to 2,275 closings. For single-family homes, sales dipped 7 percent to 1,334 deals. Condo closings plunged 17 percent to 941 sales.
Price growth shrank across the county. The median price for single-family homes slumped 1 percent to $640,000, and the median price for condos fell 3 percent to $330,000.
The county’s dollar volume dipped 1 percent, year-over-year, from $2.5 billion to $2.4 billion. Dollar volume for single-family homes rose 2 percent to $1.9 billion. For condos, dollar volume dropped 9 percent to $583 million.
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