According to the Miami Association of Realtors, South Florida’s residential sales rose in 2020. Across all three counties, the dollar volume reached $44.1billion. In Miami-Dade, Broward, and Palm Beach counties, luxury home sales led the market. Prices also continued to rise across South Florida. While the total number of residential sales decreased a little bit in Miami-Dade and Broward, they had a significant increase in Palm Beach County. Here’s the breakdown:
The total residential sales closed in 2020 was down 4%. The slight decrease is likely due to slower months at the beginning of the Covid-19 pandemic. Overall, there was a total of 26,345 residential sales closed in 2020. Of those, single-family sales totaled 13,250, and condo sales totaled 13,095. Single-family sales decreased by 0.5% compared to 2019, and condo sales decreased by 7.2%. Even though there was a slight decrease, luxury home sales jumped 41% year over year to 1,447.
Luxury sales are defined as sales of $1 million and up. This accounts for the surge in sales volume. Single-family home sales volume increased by 26% to $9.2 billion, and condo dollar volume rose 1.7% to $5.7 billion. The median price for single family homes was $402,000, and for condos it was $264,000.
In Broward, the total number of sales closed in 2020 was 31,476. This is a 3.5% decrease for the county compared to 2019. Of those, single-family sales totaled 16,035, and condo sales totaled 15,441. Single-family sales decreased by 0.4% compared to 2019, and condo sales decreased by 7.1%. However, Broward saw a 43.4% surge in luxury single-family home sales, totaling 1,068 closings in 2020. The sales dollar volume for single-family homes increased 15.6% to $8.5 billion, and condo dollar volume also rose by 3.6% to $3.8 billion. The median price for single-family homes increased by nearly 10% to $400,000, and $189,000 for condos- a 10.5% annual increase.
Unlike Miami-Dade and Broward, Palm Beach experienced an increase. Residential sales in the county rose by 2.3%, having 31,521 total closings. Out of those, single-family homes accounted for 18,174, a 4.3% increase. Condo sales totaled 13,347, bringing a 0.4% decline. Luxury home sales were up nearly 50% compared to 2019, totaling 1,922 sales. The sales dollar volume for single-family homes increased 31.4% to $12.4 billion, and condo dollar volume also rose by 8.5% to $4.5 billion. At $389,500, the median price for single-family homes was up 9.7%. Condo prices saw a 12.6% increase, having a median price of $205,000.