After looking at the house prices from May, it looks like Palm Beach, Florida is the new hot spot for people looking to relocate to the sunshine state. The average sale price of a single-family home in that County rose 11% year over year. Keep in mind that this is during the pandemic, so that increase is pretty impressive. The average sale price increased 13% from $579.898 in April, to $655,752 in May. Here is a look at the average sale prices for the single-family homes in the tri-county area:
- Miami-Dade – $545,350 in May, down from $587,921 in April
- Broward – $468,646 in May, down from $475,849 in April
- Palm Beach – $655,752 in May, up from $579,898 in April
Condo prices in Palm Beach were basically flat
The average sale prices of condo properties declined by more in Miami than other areas. Here is a look at the numbers:
- Miami-Dade – $411,555 in May, down from $417,602 in April
- Broward – $240,808 in May, up from $235,911 in April
- Palm Beach – $343,898 in May, down from $345,789 in April
The number of closed sales declined bigly in May, not just in South Florida. There were only 2,539 closings for the single-family home market during the month. We haven’t seen sales that low since we started this chart back in January 2016.
Here is a look at the number of closed sales for single-family homes in South Florida:
- Miami-Dade – 734 closings in May, down from 865 in April
- Broward – 814 closings in May, down from 865 in April
- Palm Beach – 991 closings in May, down from 1,191 in April
Condo sales in South Florida
It would be safe to bet on condo sales feeling more pain than houses as we move through the summer. There were only 1,875 closed sales in may across South Florida. Here is a look at sales numbers:
- Miami-Dade – 563 closings in May, down from 711 in April
- Broward – 715 closings in May, down from 980 in April
- Palm Beach – 597 closings in May, down from 861 in April
If you compare or last market outlook to this one, you will see that transaction volume suffered more during the month of May. Some people are expecting a rebound in property listings, which will hopefully be met with additional demand. Finally, one look at mortgage rates and you will see that they will continue to provide support for the real estate market. Who knows if they will go up in the next few years, but it looks like low rates will be here for awhile.
The number of mortgage foreclosure filings remains low for now, but will mostly spike again once the latest moratorium is lifted. They may not be worth getting too worried about right now. Just like during the last crisis, there will be plenty of assistance available.