The Real Deal Miami

Resi sales on the rise in Miami-Dade and Palm Beach, down in Broward in December

Single-family home sales lagged behind condos in all three counties
By Katherine Kallergis | January 24, 2018 06:00PM

Fort Lauderdale Skyline (Credit: Wikimedia Commons, Max Pixel)

The notoriously slow month of December was good for home sales in Miami-Dade and Palm Beach counties, yet harder for Broward, according to the Florida Realtors.

While overall residential sales were positive in Miami-Dade and Palm Beach, the single-family home markets struggled in all three counties. Generally speaking, median prices continued to post increases.

Miami-Dade

Residential sales increased 2.9 percent in December thanks to a jump in condo sales. Condo sales rose 6.5 percent year-over-year last month to 1,154 closings, while single-family home sales were nearly flat. Home sales fell less than 1 percent to 1,065, a difference of only seven closings from the previous year.

Home prices continued their meteoric rise, increasing 9.1 percent to $332,850 for single-family homes and up nearly 12 percent to $235,000 for condos.

Broward

Residential sales dropped across the board in Broward County last month with a 5 percent decline to only 2,629 closings. Single-family home sales fell 8.8 percent to just under 1,300 closings while condo sales declined 1.2 percent to 1,338.

The median sale price of a single-family home increased 6.3 percent to $340,000 and was up 10.2 percent to $165,000 for a condo.

Palm Beach

In Palm Beach County, condo sales rose and single-family home sales slipped, similar to Miami. Overall, residential sales grew year-over-year by 1.5 percent to 2,462. Condo sales jumped 6 percent to 1,075 and home sales dipped 1.8 percent to 1,387.

The median price of a single-family home was $341,500 in December, up 8.4 percent from the previous year. For a condo, it increased only 1.5 percent to $166,000.

An earlier version of this story incorrectly identified the median price of a single-family home in Broward.