Record Set for Miami-Dade for Most Home Sales in a Quarter for Q2 2021

August 13, 2021

According to the Multiple Listing Service (MLS), Miami-Dade real estate has set a new record for most home sales in a quarter. This new record is of no surprise due to the multiple records that have been set in Miami this year alone. In July, a waterfront mansion sold as the highest-priced home sale ever in all of Miami-Dade. Bay Harbor Islands also had a record-breaking sale of $12 million on a recent waterfront home, making it the highest-priced sale in all of Bay Harbor.

Total home sales for Miami-Dade County rose 142.4% from 4,766 to 11,553 sales. Single-family homes sales also rose from 66.9% from 2,688 to 4,486. Existing condo sales increased from 2,078 to 7,067 making it 240.1%.

Comparing to quarter 2 2019 to quarter 2 of 2021, total home sales rose 46.9% overall from 7,861 to 11,553 total transactions. As for condo sales, which are up by 76.3% from 2019 to 2021 and single-family homes sales up 16.4%. These numbers make this quarter the best-selling quarter for all of Miami-Dade since 1993.

Luxury sales have also rose 346.4% for this quarter. With an influx of buyers from the West Coast as well as remote workers, $1 million-plus homes are not staying on the market long. Condo luxury sales have increased by 651.6% for this quarter as well.

Single-family median home prices rose 31.6% from $380,000 to $500,000. Condo sales saw an increase as well at 25.8% from $262,250 to $330,000. The total home sale volume for Miami is $9.3 billion.

One of the drawbacks for sales is the lack of inventory for both condo and single-family homes. Active listing total 11,262 for this quarter at 41.8%, which is a large decrease from 19,358 from 2020. Condo inventory showed a substantial decrease of 41.7% from 4,926 to 2,853. With the interest rates maintaining a low rate and sellers wanting to take advantage of the market, we hope to see an increase in supply in the future.