South Florida residential dollar volume falls 50% in December

Residential sales plunged in December, closing out the year with double-digit declines in home and condo closings.

Price growth, which has been strong for years, continued at a much slower pace in Miami-Dade, Broward and Palm Beach counties, according to the Miami Association of Realtors reports, which cite sales recorded on the Multiple Listing Service.

Dollar volume in the tri-county region totaled $3.4 billion, down about 50 percent compared to the $7 billion closed in December 2022, which was a record year for South Florida real estate.

Miami-Dade

Residential sales fell 48 percent, year-over-year, in Miami-Dade County to nearly 1,800 closings. Single-family home sales dropped to about 1,400 sales, a 45 percent annual decline. Condo sales decreased 50 percent to just over 1,000.

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The median price of single-family homes barely increased, up 1 percent to $530,900, as price growth continues to slow. The median price of condos rose 5.5 percent to $374,500.

Closed dollar volume totaled $1.2 billion. Single-family home dollar volume fell 64 percent, year-over-year, to $598 million, and condo dollar volume decreased 55 percent to $650 million.

Broward

Residential sales decreased 40 percent, year-over-year, to about 2,000 closings. Single-family home sales declined 43 percent to fewer than 900 closings, and condo sales fell 38 percent to just over 1,000 sales.

The median price of single-family homes rose 6 percent to $530,000. The median price of condos grew 8 percent to $255,000.

Dollar volume countywide totaled $1 billion. Single-family dollar volume decreased 40 percent, year-over-year, to $621 million, and condo dollar volume fell 31 percent to $378 million.

Palm Beach County

Residential sales fell 40 percent, year-over-year, to 1,830 closings in Palm Beach County. Single-family home sales decreased 38 percent to just under 1,000, and condo sales declined 43 percent to 831.

The median price of single-family homes grew just 4 percent to $545,000, and the median price of condos rose 14 percent to $300,000.

In Palm Beach County, dollar volume totaled $1.2 billion. Single-family home dollar volume plunged to $824 million, a nearly 50 percent annual drop, and condo dollar volume decreased 37 percent to $399 million.