South Florida hits record $5B in residential sales volume in December

Miami-Dade single-family home and condo sales rose 23% and 29%, respectively

(iStock)
(iStock)

Residential sales continued to soar throughout South Florida in December, with median prices of both single-family homes and condos on the rise.

A boost in high-end sales, which has occurred throughout the pandemic, led to double-digit year-over-year increases in sales volume in the tri-county region, according to reports from the Miami Association of Realtors.

In Miami-Dade, Broward and Palm Beach counties, a record $5 billion worth of residential real estate sold in December.

The results continue the trends found in November, October and September.

Miami-Dade County

Residential sales rose by 23.3 percent, year-over-year, to 2,990 closings in Miami-Dade County. Single-family home sales increased by about 17 percent to 1,372, and condo sales jumped 29.4 percent to 1,618.

Sales volume totaled $704 million for single-family homes, up nearly 86 percent, and condo dollar volume increased 68 percent to $854 million, for a total of $1.6 billion.

Median single-family prices rose 20 percent to $455,000. Condo prices grew 12 percent to $274,500.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

Broward

Residential sales jumped 26.5 percent, year-over-year, to 3,413 in Broward County. Single-family home sales rose by 24.5 percent to 1,645, while condo closings increased 28.5 percent to 1,768.

As a result, sales dollar volume surged, rising nearly 50 percent to $977 million for homes and up 48 percent for condos to $469 million.

Median single-family prices increased 13.2 percent to $430,000. Condo prices grew 11.1 percent to $200,000.

Palm Beach County

Residential sales totaled 3,079 closings in December, a 16.5 percent year-over-year increase for Palm Beach County. Single-family home sales continued to shine, rising nearly 26 percent annually to 1,784. Condo sales rose only 6 percent to 1,295.

Closed dollar volume increased 117 percent to a whopping $1.5 billion, and condo dollar volume jumped 14 percent to $499 million.

Single-family home prices increased 16.8 percent year-over-year to $425,000. Condo prices rose 21.1 percent to $230,000.