South Florida home sales soar in November, led by luxury properties

Residential sales surged for a third straight month throughout South Florida, with luxury sales leading the charge.

Total home sales across the region reached nearly $4.3 billion in November, according to the Miami Association of Realtors.

Miami-Dade, Broward and Palm Beach counties all experienced double-digit jumps in sales, year-over-year, just as they did in October and September.

Sales dollar volume of single-family homes also soared in November, spiking by more than 50 percent in each county, topping out at nearly 98 percent in Palm Beach County.

The results came as luxury sales of over $1 million skyrocketed past November 2019 closings.

The surge in luxury sales led to a drop in months of supply for single-family homes in Miami-Dade, Broward and Palm Beach counties. That was also the case for condos in Miami-Dade and Palm Beach; in Broward, the months of inventory slightly increased.

Pricing continued to rise across the tri-county area.

Miami-Dade
Residential sales rose 20.9 percent in Miami-Dade County last month, year-over-year, to 2,459 closings. Single-family home sales increased 18.7 percent to 1,154. Condo sales rose 23 percent to 1,305.

Closed dollar volume of single-family homes climbed 77.1 percent, to $932.6 million. Condo sales volume totaled $586.1 million, up 55.5 percent.

Single-family luxury sales, priced at $1 million and up, jumped 120.3 percent, year-over-year, to 163; while luxury condo sales rose 88.2 percent to 96.

Median prices of single-family homes rose 23.3 percent, year-over-year, to $450,000. Condo prices increased 10.2 percent to $270,000.

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New York

Existing homes sales remain high, but inventory is “historically low”

Broward
Total home sales jumped 25.6 percent, year-over-year, to 2,927. Single-family home sales rose 23.3 percent to 1,447, while condo sales increased 28 percent to 1,480 closings in November.

Single-family dollar volume surged by 50.2 percent to $808.5 million. Condo dollar volume climbed 67.9 percent, year-over-year, to $249.5 million.

Single-family luxury sales of $1 million and up jumped by 139.1 percent, year-over-year, to 110; while luxury condo sales skyrocketed by 290 percent to 39.

Prices also continued to increase in Broward, with the median single-family home price rising 13.3 percent to $425,000, and the median condo price rising 20 percent to $204,000.

Palm Beach
Residential sales jumped 32.3 percent, year-over-year in Palm Beach County in November, to 2,810 closings. Single-family home sales rose 28.4 percent to 1,533 closings, and condo sales climbed 37.3 percent to 1,277.

Single-family home dollar volume surged by 97.5 percent, year-over-year, to $1.2 billion. Condo dollar volume rose 60.1 percent to $488.6 million.

Single-family luxury sales of $1 million and up jumped 167.6 percent, year-over-year, to 198; while luxury condos soared 91.9 percent to 71.

Single-family median home prices increased 19.4 percent to $418,000, and condo prices rose 16.9 percent to $220,000.