Residential sales and dollar volume dropped across South Florida last month, as the slowdown continues in the tri-country region.
Combined dollar volume in Miami-Dade, Broward and Palm Beach counties fell 6 percent year-over-year to about $5.6 billion, according to reports from the Miami Association of Realtors. The reports are based on closed sales recorded on the Multiple Listing Service.
Price growth faltered, rising only in Miami-Dade. And inventory rose across the board, to 51,463 listings in April. That’s a 37 percent increase compared to the same month of last year.
Miami-Dade County
Residential sales decreased 16.5 percent in April, year-over-year, to 1,955 closings in Miami-Dade County. Condo sales fell 21.3 percent to 1,005, compared to April of last year. Single-family home sales decreased 10.8 percent to 950.
Total dollar volume in Miami-Dade County decreased 7.7 percent to $2 billion. Single-family dollar volume remained about the same at $1.2 billion, while condo dollar volume dropped 17 percent to $851 million.
Price growth slowed. The median price of condos rose 0.2 percent to $445,000, a $1,000 increase compared to April 2024. The median price of single-family homes rose 4 percent to $680,000.
Condo and single-family inventory each grew 43 percent to 13,238 listings and 5,527 listings, respectively, for a total of 18,621.
Broward County
Residential sales in Broward fell 15.7 percent in April, year-over-year, to 2,139 closings. Condo sales experienced a more severe drop, plunging 19.2 percent to 1,085. Single-family home sales decreased 11.9 percent to 1,054 in April, compared to the same month of last year.
Total dollar volume in Broward declined 10.3 percent to $1.3 billion. Condo dollar volume dropped to $404 million, an 18.6 percent annual decrease. Single-family dollar volume fell 6 percent, year-over-year, to $941 million.
The median price of condos fell 0.9 percent to $280,000 in April. The median price of single-family homes also fell 0.8 percent, to $630,000.
Inventory grew to 17,946 residential listings, up 40 percent. Single-family home inventory rose 37 percent to 5,689 listings, while condo inventory grew 41 percent to 12,257 listings.
Palm Beach County
Residential sales in Palm Beach County decreased 9.4 percent in April, year-over-year, to 2,326 closings. Single-family home sales fell 5.3 percent to 1,328, while condo sales dropped 14.4 percent to 998.
The combined dollar volume of closed sales in Palm Beach County totaled $2.3 billion in April, down 1.7 percent, year-over-year. Single-family home dollar volume decreased 1.8 percent to $1.6 billion, and condo dollar volume declined 1.6 percent, year-over-year, to $685 million.
The median price of single-family homes decreased 0.8 percent to $645,000. The median price of condos fell 5.9 percent to $320,000.
Inventory of homes and condos rose 28.6 percent countywide to 14,896 listings. Inventory of single-family homes jumped 29.6 percent in April, year-over-year, to 6,503 listings. Condo listings grew 27.8 percent to 8,393 listings last month.
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