South Florida’s residential sales market experienced a decline in February, with median prices rising in Miami-Dade and Palm Beach counties but falling in Broward county. Despite the decrease in sales volume, dollar volume reached a record high of $4.1 billion, driven by single-family home sales.
In Miami-Dade County, total sales dropped 16% to 1,440 homes, while median prices for single-family homes rose 1% to $655,000 and condo prices increased 8% to $455,000. Dollar volume for single-family homes surged 24%, reaching $951 million.
Broward County saw a 12% decrease in sales, with single-family home prices dipping 2% to $610,000 and condo prices falling 5% to $275,000. However, dollar volume for single-family homes rose 7%, reaching $671 million.
Palm Beach County experienced a 4% decline in sales, with median prices for single-family homes increasing 5% to $647,000 and condos rising 1%. Dollar volume for single-family homes surged 21%, reaching $1.2 billion, while condo dollar volume rose 6%, reaching $394 million.
Overall, the Miami Association of Realtors reported a significant increase in dollar volume year-over-year, despite declining sales volumes across the region.
Source: https://therealdeal.com/miami/2025/03/21/south-florida-resi-sales-down-in-february-2025