May was a rough month for residential sales in South Florida, following a slow April, with closed and pending sales falling due to the coronavirus pandemic.
Pending sales were down in May throughout the tri-county region, according to the Miami Association of Realtors, which indicates that closings could continue to fall in June.
A Douglas Elliman report released last week showed that newly signed contracts were up in May, but that does not include sales that were already pending.
Residential sales decreased 54 percent year-over-year in May to 1,297. Single-family home sales dropped by 45.8 percent to 734. Condo sales accounted for the decline, falling nearly 61 percent to 563.
Single-family sales dollar volume totaled about $400 million, a 44.1 percent annual decrease, while condo dollar volume fell by 60 percent to $231.7 million.
Single-family home prices increased by 4.4 percent year-over-year in May to $375,714. Condo prices rose 7 percent to $260,000.
In May, residential sales in Broward declined 54.7 percent annually to 1,529. Single-family home sales decreased 51 percent year-over-year to 814, and condo sales dropped by 58.3 percent to 715.
Single-family sales dollar volume fell by half – nearly 51 percent – to $381.5 million. Condo dollar volume decreased 56 percent to $172.2 million.
Home price growth slowed in May.
Single-family home prices increased by 0.7 percent year-over-year to $372,500. Condo prices decreased by 2.8 percent to $175,000.
Total home sales in Palm Beach County decreased 52.2 percent in May to 1,588. Single-family home sales totaled 991, a 47% annual drop. Condo sales declined by 58.9 percent to 597.
Single-family sales dollar volume decreased 41.3 percent to $649.9 million, and condo dollar volume was cut in half, dropping to $205.3 million.
Condo prices increased by 8.1 percent year-over-year to $200,000.