South Florida Resi Volume Tops $44B In 2020, Buoyed By Luxury Sales
South Florida’s residential sales dollar volume rose in all three counties in 2020, reaching $44.1 billion, according to the Miami Association of Realtors.
Luxury sales led the market, rising in Miami-Dade, Broward and Palm Beach counties.
While the overall number of residential sales decreased minimally in Miami-Dade and Broward, they increased in Palm Beach County, according to Multiple Listing Service data compiled by the association.
Prices also continued to rise across South Florida.
A total of 26,345 residential sales closed in 2020, down nearly 4 percent from 2019. The decrease is likely due to slow months early on in the pandemic. Of the total, single-family sales totaled 13,250 last year, a 0.5 percent decrease compared to 2019. Condo sales totaled 13,095, a 7.2 percent decline from the previous year.
Luxury sales, defined as $1 million and up, jumped 41 percent year over year to 1,447, which accounts for the surge in sales volume.
Single-family home sales volume rose 26 percent to $9.2 billion, and condo dollar volume increased 1.7 percent to $5.7 billion.
The median price of single-family homes was $402,000, up 10 percent. For condos, the median price rose 7.8 percent to $264,000.
Residential sales in Broward totaled 31,476 in 2020, a 3.5 percent decline compared to 2019.
Single-family home sales represented 16,035 of the total, a 0.4 percent year-over-year increase. Condo sales totaled 15,441, a 7.1 percent decline.
Luxury single-family home sales surged, up 43.4 percent to 1,068 closings in 2020.
Single-family sales dollar volume grew 15.6 percent to $8.5 billion, and condo dollar volume increased 3.6 percent to $3.8 billion.
The median sale price for single-family homes was $400,000, up nearly 10 percent. For condos, it was $189,000, a 10.5 percent annual increase.
Residential sales rose in Palm Beach County, up 2.3 percent to 31,521. Single-family home sales totaled 18,174, a 4.3 percent year-over-year increase. Condo sales dipped to 13,347, a 0.4 percent decline.
The $1 million-and-up luxury market saw 1,922 sales, up nearly 50 percent compared to 2019.
Closed dollar volume totaled $12.4 billion for single-family homes and $4.5 billion for condo sales, up 31.4 percent and 8.5 percent, respectively.
The median price of single-family homes was $389,500, up 9.7 percent. The median condo price reached $205,000, an increase of 12.6 percent.
Source: Miami Herald