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.
Read more
Residential
South Florida
South Florida home sales plunge, prices in flux in the fourth quarter
Residential
South Florida
Back to reality for Miami’s top residential brokers
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.