South Florida’s residential real estate market experienced a significant increase in dollar volume for December, despite declines in median home prices in some counties. Data from the Multiple Listing Service compiled by the Miami Association of Realtors shows that total residential sales volume across Miami-Dade, Broward, and Palm Beach counties reached $5.2 billion last month, marking a 20.9 percent rise compared to December of the previous year.
In Miami-Dade County, overall sales grew by 6 percent year-over-year to 1,869 transactions. Single-family home sales increased by 4 percent to 860 deals, while condo closings rose by 8 percent to 1,009 sales. The median price for single-family homes dropped by 2 percent to $660,000 and condos also saw a 2 percent decrease to $420,000. Despite these lower prices, dollar volume in the county climbed 14 percent to $1.9 billion; single-family homes accounted for $1.1 billion (up 14 percent) and condos contributed $818 million (up 15 percent).
Broward County recorded an 8 percent increase in total sales with 2,036 closings. Single-family home deals were up by 11 percent at 1,051 sales and condo closings rose by 5 percent to reach 985 deals. Median prices dipped: single-family homes fell by 1 percent to $614,500 and condos dropped by 9 percent to $257,000. The county’s dollar volume totaled $1.2 billion—an increase of 8 percent from the prior year—with single-family homes contributing $893 million (up 12 percent) and condos accounting for $345 million (up 3 percent).
Palm Beach County showed even stronger growth as total sales surged by 26 percent year-over-year to reach 2,127 transactions. Single-family home closings rose by 23 percent (to 1,269), while condo deals soared by 31 percent (to 858). The median price for single-family homes edged up by two percent to $632,500 but condo prices declined seven percent to $297,000. Total dollar volume jumped significantly—by more than half—to reach $2.1 billion; this included a rise of 56 percent for single-family homes ($1.7 billion) and a surge of 36 percent for condos ($421 million).
The data suggest that demand remains robust across South Florida’s housing markets even as some segments experience falling prices.
