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

TRD MIAMI /
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.

Miami-Dade
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.

Broward
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.


Related Articles

arrow_forward_ios
While newly signed contracts for both single-family homes and condos rose on an annual basis, month-over-month contracts fell compared to July

New signed resi contracts rose in August in South Florida

New signed resi contracts rose in August in South Florida
Palm Beach (iStock)

South Florida home sales decline again in July – except in Palm Beach

South Florida home sales decline again in July – except in Palm Beach
Coronavirus took a toll on South Florida’s residential markets

Home sales plunged across South Florida in Q2

Home sales plunged across South Florida in Q2
South Florida Resi Contracts Up in July (Credit: iStock)

South Florida resi contracts continued to rise in July

South Florida resi contracts continued to rise in July
(iStock)

Bargain shopping: Here’s where resi prices fell the most in Miami in Q2

Bargain shopping: Here’s where resi prices fell the most in Miami in Q2
Residential sales fell in June (Credit: iStock)

South Florida home sales fall in June

South Florida home sales fall in June
Coral Gables (iStock)

Resi sales plummet across South Florida in Q2. Here are the hardest hit markets

Resi sales plummet across South Florida in Q2. Here are the hardest hit markets
Newly signed residential contracts jumped again in June

Signed South Florida resi contracts soar in June

Signed South Florida resi contracts soar in June
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...