South Florida’s residential real estate market experienced a significant increase in dollar volume in December, despite declines in median prices for homes and condos in some counties. According to data from the Multiple Listing Service compiled by the Miami Association of Realtors, total residential sales across Miami-Dade, Broward, and Palm Beach counties reached $5.2 billion last month, marking a 20.9 percent rise compared to December of the previous year.
In Miami-Dade County, overall sales increased by 6 percent year-over-year to 1,869 transactions. Single-family home sales were up 4 percent with 860 deals closed, while condo closings rose 8 percent to 1,009. The median price for single-family homes fell by 2 percent to $660,000; condos also saw a 2 percent decrease in median price to $420,000. Despite these price drops, the county’s dollar volume climbed 14 percent to $1.9 billion. Single-family home dollar volume matched this growth at $1.1 billion and condo dollar volume increased by 15 percent to $818 million.
Broward County reported an 8 percent uptick in total sales with 2,036 closings for December. Sales of single-family homes rose by 11 percent to reach 1,051 transactions; condo closings went up by 5 percent with a total of 985 deals completed. The median price for single-family homes dipped slightly by 1 percent to $614,500 and condos dropped more sharply by 9 percent to $257,000. The county’s total dollar volume grew by 8 percent from the previous year to reach $1.2 billion—single-family home dollar volume jumped by 12 percent to $893 million and condo dollar volume edged up by 3 percent to $345 million.
Palm Beach County saw particularly strong growth as total sales surged by 26 percent year-over-year with a total of 2,127 deals recorded in December. Single-family home sales spiked by 23 percent (1,269 closings) and condo transactions soared by 31 percent (858 closings). The median price for single-family homes increased slightly by 2 percent to $632,500 while the median price for condos declined by 7 percent to $297,000. Total dollar volume in Palm Beach County posted a substantial gain of 52 percent compared with last year’s figures—reaching $2.1 billion overall; single-family home dollar volume was up significantly at $1.7 billion (a jump of 56 percent), and condo dollar volume rose sharply as well at $421 million (up by 36 percent).
