December residential sales fall in Broward and Palm Beach counties, rise in Miami-Dade
Low inventory and higher prices put pressure on sales
A drop in single-family home sales due to low inventory and rising prices brought down overall residential closings in Broward and Palm Beach counties in December. Still, residential sales rose in Miami-Dade, and the tri-county region saw a record number of sales in all of 2021.
Sales of single-family homes decreased in all three counties in December, according to the Miami Association of Realtors reports, citing MLS data. Prices continued to rise, and dollar volume surged compared to December 2020. Dollar volume totaled $7 billion in Miami-Dade, Broward and Palm Beach counties.
Residential sales increased about 15 percent in December, year-over-year, to 3,433 closings, thanks to a 28.4 percent jump in condo closings to 2,077. Single-family home sales decreased 1.2 percent to 1,356.
Compared to the pre-pandemic December 2019, single-family home sales rose 15.5 percent, and condo deals climbed more than 66 percent.
The median price of single-family homes grew by 15.4 percent in December to $525,000. For condos, it increased by 29.3 percent to $355,000.
Dollar volume totaled $3.1 billion, with single-family home sales accounting for nearly $1.7 billion of that, and condo sales accounting for $1.4 billion.
Residential sales in Broward declined in December, by 3.3 percent to 3,302 closings. Single-family home sales fell to 1,541, a 6.3 percent annual decrease. Condo sales fell slightly, by 0.4 percent, to 1,761.
Median prices kept rising. The median price of a house increased 16.3 percent to $500,000, and up 16 percent to $236,000 for condos.
Dollar volume rose to about $1.6 billion, which includes more than $1 billion in single-family home sales and $553 million in condo sales in December.
Palm Beach County
Total home sales decreased 0.6 percent in December, year-over-year, to 3,062 closings. Single-family home sales declined by 10.3 percent to 1,601, while condo sales increased 12.8 percent to 1,461.
The median price of single-family homes jumped 23.5 percent, year-over-year, to $525,000. The median price for condos increased 14.4 percent to $263,125.
Dollar volume totaled $2.3 billion in December, with $1.6 billion worth of single-family home sales and $663 million in condo dollar volume.