$4.3 Billion December: South Florida Real Estate Market Heats Up
South Florida’s residential real estate market witnessed a significant surge in dollar volume during December. Across the tri-county region (Miami-Dade, Broward, and Palm Beach), total dollar volume reached an impressive $4.3 billion, marking a substantial 19.4 percent increase, a significant jump from the $3.6 billion recorded in December of the previous year.
This growth was primarily fueled by a robust performance in the single-family home sector, while the condo market experienced a slight downturn, according to data compiled by the Miami Association of Realtors’ Multiple Listing Service. Despite the mixed performance in sales, median prices for both single-family homes and condos continued their upward trajectory across all three counties.
Miami-Dade County: A Closer Look
Within Miami-Dade County, the overall picture of the residential market was positive, albeit with some variation between property types.
Sales Activity
Total home sales in Miami-Dade increased by 3 percent year-over-year, reaching 1,764 closings. This overall growth was driven by a strong showing in the single-family home market, which saw a 10 percent jump in sales, totaling 829 transactions. Conversely, the condo market experienced a slight dip, with sales decreasing by 3 percent to 935 units.
Median Prices
Despite the decline in condo sales, median prices continued to climb for both property types. The median price for single-family homes in Miami-Dade surged by 11 percent, reaching $675,000. Condo prices also saw an increase, though more moderate, rising by 5 percent to a median price of $430,000.
Dollar Volume
The substantial increase in single-family home sales had a significant impact on dollar volume. Miami-Dade County’s total dollar volume reached $1.7 billion. Breaking it down further, single-family home dollar volume ballooned by an impressive 44 percent year-over-year, reaching $982 million. Condo dollar volume also saw growth, climbing by 16 percent to $714 million.
