South Florida’s total residential sales continued to rise in January, but at a slower pace than in previous months, due in part to a decline in inventory.
At the same time, luxury sales kept booming in Miami-Dade, Broward and Palm Beach counties, according to the Miami Association of Realtors.
Residential sales have benefitted from the migration of buyers from the Northeast, California and other high-tax regions to South Florida since the summer.
Across the tri-county region, sales dollar volume totaled nearly $3.9 billion, reflecting double-digit increases in each county.
In Miami-Dade, residential sales increased 19 percent year over year to 2,211 closings, thanks to a jump in condo sales. Single-family home sales rose 9 percent to 968, and condo sales surged 28 percent to 1,243. (In December, single-family home sales increased by about 17 percent.)
Luxury single-family home sales climbed 114 percent to 167 closings, and luxury condo sales skyrocketed by nearly 131 percent to 113 closings.
Overall, single-family sales dollar volume jumped 86 percent to $879.2 million. Condo dollar volume increased 69 percent year-over-year to $667.1 million.
The median single-family home price rose to $469,500, a more than 25 percent annual increase. The median price of a condo increased 14 percent to $280,000.
As a result of the months-long boom in single-family home sales, inventory has taken a hit. Single-family inventory fell by 46 percent to 3,401 listings. Condo inventory decreased by 15 percent to 12,608.
Total home sales in Broward County rose by 19 percent to 2,416. Single-family home sales increased 18 percent year-over-year to 1,154. Condo sales increased about 20 percent to 1,262.
Luxury single-family homes experienced a nearly 51 percent annual jump, to 92 sales in January. Luxury condo sales were up 68 percent for a total of 30 closed sales last month.
Single-family sales dollar volume jumped 35 percent to $645.8 million. Condo sales volume increased 36 percent to $348.1 million.
Inventory of single-family homes in Broward decreased by 48 percent to 2,656 last month. Condo inventory fell by 13 percent to 7,021 listings.
The median single-family home price was $420,000, a 12 percent increase compared to January of last year. The median condo price rose 23 percent to $209,000.
Palm Beach County
The percentage increase in home sales in Palm Beach County fell into the low single-digits at the start of 2021. Residential sales rose only 4 percent to 2,073 closings. Single-family home sales accounted for 1,154 of those, increasing 5.5 percent, year over year. Condo sales grew by nearly 3 percent, to 919 closings.
Yet, luxury single-family home sales jumped nearly 54 percent to 157 sales, and luxury condo sales rose nearly 43 percent to 60 sales.
Single-family sales dollar volume climbed 47 percent to $979.9 million. Condo dollar volume increased 20 percent to $356.6 million.
Inventory of single-family homes decreased 46 percent in January, to 3,446 listings. Condo inventory decreased 18 percent to 5,045 listings.
The median single-family home price came out to $422,000, a 16 percent jump. The median condo price increased 12 percent to $218,900.