Resi sales dip, prices rise across South Florida in December

Residential sales fell and prices continued to rise across South Florida in December.

Total dollar volume reached $3.6 billion in the tri-county region, according to Multiple Listing Service data collected by the Miami Association of Realtors. That’s up 6 percent, year-over-year, from $3.4 billion in December of 2022. Single-family home prices in Miami marked a bright spot in South Florida, showing the strongest growth in the area.

Miami-Dade County

Total home sales in Miami-Dade County fell 4 percent, year-over-year, to 1,714. Single-family home sales jumped 1 percent to 754 deals, and existing condos dropped 7 percent to 960. 

Median prices for single-family homes surged 15 percent to $610,000. Condo prices grew 10 percent to $410,000.

Total dollar volume for Miami reached $1.3 billion, fueled by a 14 percent swell in single-family dollar volume that hit $683 million. Dollar volume for condos fell 5 percent to $616 million. 

Broward County

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Broward County total home sales dropped 4 percent to 1,901. For single-family homes, sales held steady at 876 closings, while condo sales dropped 6 percent to 1,025. 

Median prices for both single-family homes and condos climbed 8 percent to $570,000 and $275,000, respectively. 

Broward’s total dollar volume reached $1 billion in December. Dollar volume for single-family homes jumped 6 percent to $656 million. For condos, dollar volume sank 1 percent to $376 million.

Palm Beach County

Total home sales in Palm Beach County declined 3 percent in December to 1,770. For single-family homes, sales dropped 3 percent to 969. Condo sales decreased 4 percent to 801.

Median prices rose for both single-family homes and condos, up 6 percent to $580,000 and 2 percent to $305,000, respectively. 

Total dollar volume for the county came to $1.3 billion. Dollar volume for single-family homes surged 9 percent, reaching $901 million. For condos, dollar volume dipped 2 percent to $407 million.