Single-family home sales were up, and condo sales were down in South Florida in January.
The year-over-year rise in single-family deals bucks the trend that has defined the tri-county region’s market since mortgage rates put the brakes on a pandemic era boom. Another trend, price growth across asset classes and counties, is continuing, according to Multiple Listing Service data collected by the Miami Association of Realtors.
Total dollar volume for Miami-Dade, Broward and Palm Beach counties reached $3.5 billion in January, up from $3.2 billion in January of 2023.
Miami-Dade County
Single-family home sales in Miami-Dade County surged 9 percent, year-over-year, to 644 in January. Condo sales dropped 5 percent to 770. Total home sales across the county were up 1 percent to 1,414.
Median prices for single-family homes jumped 16 percent to $630,000. Condo prices grew 1 percent to $405,750.
Dollar volume for single-family homes boomed 32 percent, year-over-year, hitting $777 million. Condo dollar volume climbed 5 percent to $566 million. Total dollar volume for the county reached $1.3 billion.
Broward County
In Broward County, single-family home sales increased 4 percent, year-over-year, to 707. Condo sales fell 2 percent to 855. Total sales in the county rose 1 percent to 1,562.
Single-family home median prices bumped up 7 percent to $575,000. Broward’s median condo prices grew 2 percent to $275,000.
Total dollar volume in the county reached $865 million. Dollar volume for single-family homes surged 11 percent, year-over-year, to $558 million. Condo dollar volume dropped 9 percent to $303 million.
Palm Beach County
Palm Beach County single-family home sales climbed 2 percent, year-over-year, to 811. Condo sales shrunk 9 percent to 633. Total sales fell 3 percent to 1,444.
Median prices for single-family homes jumped 6 percent to $615,000. Condo prices slumped 9 percent to $325,000.
Palm Beach total dollar volume hit $1.3 billion. For single-family homes, dollar volume soared 10 percent, year-over-year, to $952 million. Condo dollar volume increased 3 percent to $333 million.