February brought a notable surge in home prices across South Florida, despite a dip in condo sales, highlighting the region's robust demand for residential properties. The total dollar volume of residential sales climbed to $4 billion, marking an increase from $3.7 billion in the same month last year, according to data from the Miami Association of Realtors.

Miami-Dade County Leads with Price Surges

In Miami-Dade County, the real estate market witnessed a modest 1 percent increase in home sales year-over-year, totaling 1,705 transactions. Notably, single-family home sales saw a 5 percent rise to 764 closings, while condo sales experienced a slight 3 percent decrease to 941. The median prices for single-family homes in the county soared by 17 percent to reach $650,000, and condo prices also saw a significant jump of 8 percent, settling at $390,000. The total dollar volume in Miami-Dade hit $1.5 billion, with single-family homes and condos seeing increases of 9 percent and 7 percent, respectively.

Broward County: Steady Sales with Rising Prices

Broward County's market dynamics were slightly different, with total home sales experiencing a 1 percent decrease year-over-year, resulting in 1,817 closings. Single-family home sales remained stable, while condo transactions fell by 2 percent to 986. However, the median prices in Broward County told a story of growth, with single-family homes increasing by 12 percent to $625,000 and condos by 7 percent to $290,000. The county's total dollar volume reached $1.1 billion, with significant increases in both single-family and condo dollar volumes.

Palm Beach County: A Mixed Bag with Price Increases

Palm Beach County saw a 2 percent decrease in total home sales, with 1,762 transactions recorded. However, single-family home sales rose by 5 percent to 1,026 closings, whereas condo sales saw a more substantial drop of 10 percent to 736. Median prices for single-family homes jumped by 12 percent to $615,000, and condo prices increased by 5 percent to $314,000. The total dollar volume in Palm Beach County was impressive, hitting $1.4 billion, with dollar volumes for single-family homes and condos surging by 19 percent and 12 percent, respectively.

The Bigger Picture

The South Florida real estate market in February showcased a strong demand for single-family homes, with rising prices across the board indicating a healthy market. While condo sales experienced some fluctuations, the overall increase in total dollar volume reflects a vibrant real estate landscape. As we move forward, these trends offer valuable insights for potential buyers and sellers navigating the South Florida market.

If you're considering stepping into the South Florida real estate market or have questions about the current trends, feel free to reach out. Whether you're eyeing a single-family home or a luxury condo, I'm here to provide the guidance you need to make informed decisions.

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