Miami Real Estate Sets Another Record for its Best Sales Month for November in History

Miami-Dade has seen yet another record smashed for real estate sales this year. November is now officially had its best sales month in history following highest total home sales, highest condo sales, and highest single-family home sells.

As of November, Miami has officially hit 35,961 total home sales with the previous record hitting 30,041 transactions for 2013. Although November has the highest home sales for any November in History, June 2021 is still considered the number one sales month in Miami history. November is ranked the 8th best month overall.

Total home sales for Miami-Dade County rose 22.9% for the month of November to 3,021 sales. This is up from 2,459 sales compared to October sales. Single family home sales have increased 1.2% to 1,168, while condo sales have seen a dramatic increase of 42% at 1,853.

For November, Miami home sales showed an increase at 48.6% compared to November 2019. For home sales, transactions saw a 20.2% increase and a 74.6% for condo transactions compared to November 2019.

Luxury single-family home sales saw an increase in 28.2% at 209 sales for November 2021. While luxury condo sales rose 115.6% at 207 transactions.

As for the Miami home sale supply, luxury single-family home sale are 3.6 months and luxury condos remain at 8.4 months with a trend downward month after month.

Single family homes saw an increase of 15.1% between the prices $400,000 to $600,000 with 405 transaction in November. Condo sales that were in the same price range also saw a 132.6% increase at 321 transactions.

The dollar volume totaled $2.2 billion for November with an increase in single family home volume by 14.9% and condo dollar volume at 92.8%.

For the state of Florida, closed single-family home sales totaled 27,541 bringing the total sales up 4.3% compared to last year. Condo sales are down 5.4% at 11,598 total sales.

Median home sales price rose 19.6% with a median sales price $364,900, while the condo sales price is up 19.9% with units median sales price averaging in $273,270.

Cash sales accounted for 60% of all Miami home sales more than the national average for November 2021. For closed sales, cash represented 38.4% of Miami closed sales. For condo sales, cash represented 46.9% while 24.9% represented single-family home transactions.

The demand for Miami real estate continues to increase. The factors that have caused this increase include travel restrictions being lifted to the states, low interest rates, and lack of covid restrictions.

The First Bulk Sale Of This Cycle Is In Contract

Ladies and gentlemen, it’s time! The first bulk sale is officially in contract at the newly constructed Crimson in Edgewater. Despite the building’s opening last year, the developer was still holding onto 20 units that were listed at an average of just over $600/square foot.

The package had been marketed with a 10% discount to an average of $558/square foot. That would make the value of the deal just over $13.5 million rather than the original $15 million. Once the deal closes, we will learn the final contract price and the amount of discount that the developer ultimately accepted. I expect it to be lower than $13.5 million since the Downtown Miami DDA’s report listed the average price per square foot in the building to be $545/square foot in their yearly report, but we shall see.

Crimson was developed by Aventura-based McKafka Development Group and has a total of 90 units. One of the biggest selling features (aside from the waterfront location) is the fact that the building is LEED Silver certified. There are currently 5 resales listed in the building, with an average price per square foot of $677.

I am very interested to see this one close and set the precedent for future deals. I’m sure that we will see additional bulk deals as more buildings open with remaining inventory. Which other buildings do you think we’ll see bulk sales in?