South Florida hits record $5B in residential sales volume in December

(iStock)

(iStock)

Residential sales continued to soar throughout South Florida in December, with median prices of both single-family homes and condos on the rise.

A boost in high-end sales, which has occurred throughout the pandemic, led to double-digit year-over-year increases in sales volume in the tri-county region, according to reports from the Miami Association of Realtors.

In Miami-Dade, Broward and Palm Beach counties, a record $5 billion worth of residential real estate sold in December.

The results continue the trends found in November, October and September.

Miami-Dade County

Residential sales rose by 23.3 percent, year-over-year, to 2,990 closings in Miami-Dade County. Single-family home sales increased by about 17 percent to 1,372, and condo sales jumped 29.4 percent to 1,618.

Sales volume totaled $704 million for single-family homes, up nearly 86 percent, and condo dollar volume increased 68 percent to $854 million, for a total of $1.6 billion.

Median single-family prices rose 20 percent to $455,000. Condo prices grew 12 percent to $274,500.

Broward

Residential sales jumped 26.5 percent, year-over-year, to 3,413 in Broward County. Single-family home sales rose by 24.5 percent to 1,645, while condo closings increased 28.5 percent to 1,768.

As a result, sales dollar volume surged, rising nearly 50 percent to $977 million for homes and up 48 percent for condos to $469 million.

Median single-family prices increased 13.2 percent to $430,000. Condo prices grew 11.1 percent to $200,000.

Palm Beach County

Residential sales totaled 3,079 closings in December, a 16.5 percent year-over-year increase for Palm Beach County. Single-family home sales continued to shine, rising nearly 26 percent annually to 1,784. Condo sales rose only 6 percent to 1,295.

Closed dollar volume increased 117 percent to a whopping $1.5 billion, and condo dollar volume jumped 14 percent to $499 million.

Single-family home prices increased 16.8 percent year-over-year to $425,000. Condo prices rose 21.1 percent to $230,000.

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