South Florida residential sales soar in January

In Palm Beach County, sales of single-family homes and condos priced over $1M climbed 52% and nearly 62%, respectively

Feb.February 25, 2020 08:45 AM
Mid-market and luxury closings fueled South Florida home sales in January

Mid-market and luxury closings fueled South Florida home sales in January

Home sales jumped throughout South Florida in January, largely driven by mid-market and luxury sales. Median home prices also continued to rise in the tri-county region, according to the Miami Association of Realtors.

The strong figures reflect a similar positive trend in December, following a weak November. That month, residential sales fell in Miami-Dade, Broward and Palm Beach counties, year-over-year.

Total residential sales in Miami-Dade County rose by 15.6 percent in January, year-over-year, to 1,857. Single-family home sales increased 14.6 percent to 887, while condo sales jumped 16.4 percent to 970.

Sales of homes priced from $400,000 to $600,000 rose 32 percent, year-over-year to 194, while sales of condos in the same price range climbed 52.5 percent to 93. Single-family homes priced over $1 million jumped 34.5 percent to 78, while sales of existing luxury condos increased 6.5 percent to 49.

Single-family home sales volume totaled $472 million, up 16.1 percent. Condo sales volume rose 11.4 percent to $394 million.

Single-family home prices also continued to rise, increasing by 7.1 percent, year-over-year, to $375,000. The median price of a condo increased 6.5 percent to $245,000.

In Broward County, total residential sales increased by 6 percent, year-over-year, to 2,031. Single-family home sales rose 10.7 percent to 976. Condo sales increased 2 percent to 1,055.

Single-family home sales between $400,000 and $600,000 jumped 22 percent, year-over-year, while condos in that bracket increased 5.6 percent. Luxury homes priced over $1 million climbed 24.5 percent. However, luxury condo sales decreased 10 percent.

Total volume for single-family home sales reached $480 million, a 20.3 percent increase. Condo sales volume rose by 11.2 percent to $256 million.

The median price of single-family homes increased 5.5 percent to $374,450. For condos, the median price was $170,000, up 6.3 percent compared to January 2019.

Palm Beach
Total home sales in Palm Beach County increased 25.1 percent, year-over-year, to 1,989. Single-family home sales jumped 29.3 percent to 1,094, and condo sales rose by 20.3 percent to 895.

Homes priced between $300,000 and $400,000 rose 40.2 percent to 272, while condos in that price range climbed 57.7 percent to 82. Sales of homes priced over $1 million soared 52.2 percent to 102, while luxury condo sales climbed 61.5 percent to 42.

The sales volume for single-family homes totaled $677 million, up 39.6 percent year-over-year. Condo sales volume increased 47.5 percent to $298 million.

Median prices increased 6.8 percent to $363,000 for single-family homes, and up 11.4 percent to $195,000 for condos.

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