South Florida Condo Sales Plunge in November 2024

South Florida condo sales and dollar volume nosedived in November.

Single-family home sales in Broward and Palm Beach Counties also took a hit, according to Multiple Listing Service data collected by the Miami Association of Realtors. Total dollar volume reached $3.5 billion, the same total as November of last year.

Median sale prices continued to rise in Miami-Dade and Broward, and remained mostly flat in Palm Beach County.

Miami-Dade County

Total home sales in Miami-Dade County fell 9 percent in November, year-over-year, to 1,510. Single-family homes sales rose a modest 1 percent to 716. Condo sales sank 16 percent to 794 closings.

The median sale price for single-family homes rose 6 percent to $650,000. For condos, the median sale price increased 4 percent to $436,000.

In Miami-Dade County, total dollar volume reached $1.3 billion. For single-family homes, dollar volume climbed 2 percent to $782 million. Condo dollar volume dropped 14 percent to $547 million.

Broward County

In Broward County, total home sales fell 11 percent in November, year-over-year, to 1,623. Single-family sales dipped 2 percent to 804. Condo sales plummeted 19 percent to 819 closings.

The median sale price for single-family homes rose 3 percent to $620,000. For condos, the median sale price grew 2 percent to $285,000.

Dollar volume in Broward County totaled $960 million in November. For single-family homes, dollar volume increased 1 percent to $652 million. For condos, dollar volume plunged 22 percent to $304 million.

Palm Beach County

In Palm Beach County, total sales dropped 16 percent in November, year-over-year, to 1,425. Single-family home closings fell 8 percent to 841. Condo sales plummeted 25 percent to 584.

The median sale price for single-family homes stayed flat at $600,000. The median sale price for condos saw a 1 percent bump to $310,000.

Dollar volume in Palm Beach County totaled $1.2 billion. For single-family homes, dollar volume jumped 7 percent to $905 million. Dollar volume for condos plunged 25 percent to $294 million.