Home sales, prices continue rising across South Florida

Residential sales and prices continued to climb across South Florida in January, according to reports from the Miami Association of Realtors.

Some growth showed signs of slowing, and there was one segment that experienced an annual decline: single-family home sales in Broward County. Overall, the dollar volume in the tri-county region totaled $4.9 billion, with annual increases in Miami-Dade, Broward and Palm Beach counties.

Prices continued to rise by double-digits, year over year, in all three counties.

Here’s a breakdown of the reports, which rely solely on deals recorded on the Multiple Listing Service.

Miami-Dade County
Residential sales rose 20 percent in January, year over year, to 2,645 closings. Condo sales accounted for the majority of deals, jumping 32 percent to 1,637 closings. Single-family home sales, meanwhile, increased 4 percent to just over 1,000 sales.

The median price of single-family homes in Miami-Dade County rose 11 percent to $520,000, and 29 percent to $360,000 for condos. While prices of single-family homes are still on the rise, that growth is slowing compared to previous months.

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Dollar volume of on-market deals totaled $2.1 billion in January, rising 17 percent to $1 billion for single-family dollar volume and climbing 56 percent to $1 billion for condo dollar volume.

Broward County
Total home sales increased 6 percent in January, year over year, to 2,559 closings. Single-family home sales declined about 4 percent to 1,113, while condo sales rose 15 percent to 1,446.

The median price of single-family homes jumped 19 percent compared to last January, to $500,000. The median price of condos grew 15 percent to $240,000.

Total dollar volume in Broward amounted to $1.3 billion in January. Single-family home dollar volume increased 30 percent to $841 million, while condo dollar volume climbed 32 percent to $459.8 million.

Palm Beach County
Residential sales rose 11.5 percent, year over year, to 2,311, with a slight increase of 3 percent for single-family home sales to 1,188. Condo sales jumped 22 percent to 1,123.
The median price for single-family homes grew 25 percent to $526,500, while the median price of condos rose 21 percent, year over year, to $265,000.

Dollar volume totaled about $1.5 billion in Palm Beach County last month, with single-family dollar volume budging upward by just 0.1 percent to $981.3 million. Condo dollar volume surged 34 percent to $477.8 million compared with the same period of 2021.