South Florida’s residential real estate market saw a significant increase in dollar volume during December, despite a decline 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, the region recorded $5.2 billion in residential sales last month, marking a 20.9 percent rise compared to $4.3 billion during the same period last year.
In Miami-Dade County, total sales rose 6 percent year-over-year to 1,869 transactions. Single-family home sales increased by 4 percent to 860 deals, while condo closings were up 8 percent at 1,009 units sold. The median price for single-family homes dropped by 2 percent to $660,000; condo prices also declined by 2 percent to $420,000. Despite these lower prices, overall dollar volume in Miami-Dade grew by 14 percent to $1.9 billion.
Broward County experienced an 8 percent increase in total sales with 2,036 closings last month. Single-family home deals rose by 11 percent to reach 1,051 sales and condo closings increased by 5 percent with a total of 985 deals completed. Median prices continued their downward trend: single-family homes dipped by one percent to $614,500 and condos fell nine percent to $257,000. Broward’s dollar volume reached $1.2 billion—an increase of eight percent over the previous year.
Palm Beach County posted especially strong results as total sales jumped by 26 percent year-over-year to reach 2,127 deals in December. Single-family home transactions climbed by 23 percent (1,269 closings), while condo deals surged by thirty-one percent (858 closings). The median price for single-family homes edged up two percent ($632,500), but condo prices fell seven percent ($297,000). Total dollar volume in Palm Beach soared fifty-two percent compared with last year’s figures—reaching $2.1 billion—with single-family homes accounting for a fifty-six-percent gain ($1.7 billion) and condos rising thirty-six-percent ($421 million).
The latest data indicates that South Florida’s housing market remains active heading into the new year despite some softening of property values across certain segments.
