Closed Sales Down 42%, Median Prices Up 3.9% in December
There were only 2,619 single family home sales in South Florida (Miami, Fort Lauderdale and West Palm Beach) in December, up slightly over November, but down over 40% when compared to December of 2021. However, the last 2 Decembers were some of the most active in history, so its not as bad as it sounds. Historically December averages closer to 3,600 units sold. The median sales price was up about 4% over last year to $535,000. However, that is still down from the high median price in June 2022 of $600,000.
Condos and Townhomes reported similar numbers in December with total sales down 44.1% and median prices up 7.3% compared to December of last year. Similar to single family homes, our condo sales the past 2 years were historically high. The 2,960 condo sales in December 2022 were down much less when compared to an average December which is about 3,700 condo sales.
Inventory is still the real story in the tri-county area. While inventory has steadily increased every month since May 2022, we only had 3.3 months supply of inventory for single family homes and 3.4 months supply for condos and townhomes in December. This is still a strong sellers market, but we do expect an influx of inventory soon since more sellers typically list for sale in January and February before the busy winter and spring seasons.
This is still a strong sellers market, but we do expect an influx of inventory soon since more sellers typically list in January and February before the busy winter and spring seasons.
Broward County
Including the coastal towns of Fort Lauderdale, Pompano Beach and Lauderdale-by-the-Sea, Broward County single family home sales totaled 876 sales in December 2022, down about 43% since last year. The median sale prices in Broward County was $530,000 which is up 6% over last year. The county had only 3 months supply of inventory, which is the lowest in the Tri-County area.
Condo and townhome sales were up slightly over November, but dropped 38% year over year to 1,094 sales, while the median sale price increased 8.1% to $255,000. Months supply of inventory for Broward condos was only 2.8, also the lowest in the Tri-County area.
Palm Beach County
Including the coastal towns of Boca Raton, Delray Beach and Jupiter, Palm Beach County single family home sales totaled 999, up over the previous month, but down 38.3% from December last year. The median sale price was $545,000 which is up 3.8% over last year and the highest median price in South Florida. Single family inventory was 3.2 months supply in Palm Beach County.
Condo and townhome sales in the county were down 43.1% from last year, but median prices were up 14% at $300,000, the highest median price since June. Condo and townhome inventory was 3.1 months supply.
Miami-Dade County
Stretching from Aventura to Miami Beach, Miami-Dade County is the most populous in South Florida. Closed single family home sales in December 2022 were down 45.1% while the median sales price was only up a modest 1.1% to $530,900. Months supply of single family homes was 4 months, the highest in the tri-county area, but still a sellers market.
Condo and townhome sales in Miami-Dade dropped a whopping 50.2% to 1,035 sales, while the median sales price was up 5.5% to $374,500, the largest increase of the 3 counties. Similar to single family homes, the condo and townhome inventory was 4.1 months supply in December.
Summary
As predicted, sales activity in December was slow due mostly to a typically slow holiday season and higher interest rates in November. Now that rates have creeped back down and the busy season is here we are expecting inventory to increase and sales activity to pick up. February, March and April are normally some of our busiest months and we are optimistic that this winter/spring buying season will also be busy.
