South Florida Resi Dollar Volumes Spikes Even as Prices Drop

It seems like everyone had homes on their holiday shopping lists last month.

Dollar volume for residential sales in South Florida saw a 20.9 percent jump, year-over-year, in December, according to Multiple Listing Service data collected by the Miami Association of Realtors.

The total reached $5.2 billion across the tri-county region, up from $4.3 billion the year prior. The growth persisted despite lower median prices in Miami-Dade and Broward counties.

Miami-Dade County

In Miami-Dade County, total sales grew 6 percent, year-over-year, to 1,869 in December. For single-family homes, sales rose 4 percent to 860 deals. Condo closings jumped 8 percent to 1,009 sales.

The median price for single-family homes dropped 2 percent to $660,000. For condos the median price also fell 2 percent, to $420,000.

Dollar volume in the county surged 14 percent to $1.9 billion. For single-family homes, dollar volume grew 14 percent to $1.1 billion. Condo dollar volume spiked 15 percent to $818 million.

Broward County

Total sales in Broward County increased 8 percent, year-over-year, to 2,036 closings. Single-family home deals climbed 11 percent to 1,051 sales. Condo closings rose 5 percent to 985 deals.

The median price for single-family homes dipped 1 percent to $614,500. For condos, the median price sank 9 percent to $257,000.

Broward’s dollar volume totaled $1.2 billion, up 8 percent from the year prior. Single-family dollar volume spiked 12 percent to $893 million. Condo dollar volume rose 3 percent to $345 million.

Palm Beach County

In Palm Beach County, total sales boomed, increasing 26 percent year-over-year, to 2,127 deals. For single-family homes, sales spiked 23 percent to 1,269 closings. Condo deals soared 31 percent to 858 closings.

The median price for single-family homes grew 2 percent to $632,500. The median price for condos fell 7 percent to $297,000.

Total dollar volume saw a whopping 52 percent increase to $2.1 billion. For single-family homes, dollar volume was up 56 percent to $1.7 billion. Condo dollar volume surged 36 percent to $421 million.