South Florida Home Sales Plunge In May For The Second Month In A Row As Prices Continue To Rise.
South Florida home sales plummeted again in May.
As a result, it’s become evident that South Florida isn’t immune to the effects of rising interest rates and growing inventory.
Sellers are rushing to list their properties. They are trying to take advantage of what is left of the hot market before it disappears.
However, the Miami Association of Realtors says median prices continued to skyrocket in Miami-Dade, Broward and Palm Beach counties. according to reports from the Miami Association of Realtors.
Total home sales fell nearly 10% in Miami-Dade County. Miami-Dade saw close to 3,198 closings in May and condo sales decreased nearly 9% to 2,005 closings. Single-family home sales declined 12.3% to 1,193 sales, compared with May 2021.
The median price of single-family homes rose 15% from last year to $575,000. Medium prices for condos jumped 28% to $415,000.
The total dollar volume of closed sales last month topped $2.8 billion. This represented a drop of 8.3% to $1.3 billion for single-family homes and an increase 3% to $1.5 billion for condos.
Residential sales decreased 13% to 3,222 closings in Broward last month. Condo sales fell 13.5% to 2,701 sales with single-family home sales declining 12.4% to 1,431 closings.
Yet, the median price of single-family homes climbed 26.4% from last year to $586,000. Condos prices jumped 20.7% to $253,500.
Total dollar volume in Broward rose to nearly $1.9 billion in May. This is due to a 10% increase in dollar volume of single-family homes to $1.2 billion. Condo dollar volume jumped 11% to $680.5 million.
Palm Beach County
In May, residential sales fell nearly 22% in Palm Beach County to 2,956 closings. Condo sales decreased 24.3% to 1,429 sales. Yet, single-family home sales only dropped 19.2% to 1,527 closings.
The median price of single-family homes ballooned to $615,000. This is up 29.5% compared to May of last year. For condos, the median price climbed 23% to $307,500.
Closed dollar volume totaled about $2.3 billion. Single-family dollar volume accounted for $1.5 billion. This marks a nearly 18% annual decline. Condo dollar volume also decreased 18% to $746 million.