Drew Dixon
While South Florida single-family home sales increased in May, Miami-Dade still struggles with a sluggish market.
According to a new “Elliman Report,” analyzing housing markets across the country, Palm Beach County fared best in South Florida home sales last month, with 359 signed contracts, up from 325 homes sold in May 2024, representing a 10.5% increase. While the year-over-year comparison is favorable, the monthly comparison showed a drop from the 413 homes sold in Palm Beach in April.
Elliman Report analysts concluded that despite fluctuations in the Palm Beach housing market, it’s generally been moving in a positive direction.
“The market for newly signed contracts continued its upward trend, marking the fourth time in six months that there has been an annual increase in overall new signed contracts,” the report said.
Broward County also saw a hike in the number of homes sold last month. There were 431 signed closing contracts on houses in Broward in May. But that’s only up by four homes compared to May 2024, a 0.9% increase.
The Broward figure is also a slight increase over the number of homes sold in the monthly comparison. There were 425 closed signings in April.
Miami-Dade County is still stuck in a slump in the single-family home-sale market. That county was hit hard by a sharp decline in closings in May.
There were 482 new signed contracts on homes in Miami-Dade last month. That’s a 45.6% drop from houses sold in May 2024, when there were 886 sales.
The month-to-month comparison was slightly better, but it still showed a decline. In Miami-Dade, 534 homes sold in April.
The condominium market in South Florida is more distressed.
Miami-Dade had condo sales that were equally as dismal as single-family home closings. There were 528 condo closings in May in Miami-Dade, a 47.3% decline from May 2024, when 1,001 condos had signed contracts.
Broward County also saw a decrease in condo sales last month, though it was more modest than the Miami-Dade figures. There were 425 condo closings in May, down by 13.3% from May 2024’s figure of 490 condos sold.
Palm Beach was the only county with an uptick in condo sales, coming in with 371 sales last month, a 5.1% increase over May 2024, when 353 condominiums had signed contracts.
