Miami Dade County Breaks More Records for Home Sales in September 2021

Home sale records continue to be crushed month over month for Miami-Dade, marking its best September sales in history and setting the bar for the most condos sold in a year’s time. The previous annual record was 17,142 in 2013, while the current condo sales have equaled 17,942 with only 3 months to go!

According to the Multiple Listing Service (MLS), homes sales for Miami Dade have risen 20.2% at 3,031 transactions. This is up from the 2,521 transactions that occurred in 2020. Simultaneously, we saw a dip in single-family home sales at 3.6% at 1,241. This may be due to the lack of single-family home inventory. Condo sales have exponentially increased at 45.2% at 1,790 for September.

According to the Miami Chairman of the Board Jennifer Wollmann, with international travel resuming in the United States in November, the expectation is that foreign home buying will grow in the coming months.

Miami is also on track to have its best year ever for single-family home sales. For September, single-family home sales have increased by 35.3% at 3,031 total transactions.

Miami condos sales have increased by 45.2% in September with major increases in pricing for properties over $250,000.

Luxury sales have also been in the records spotlight with a 31.4% increase with 209 sales for September. For properties $1 million and up, sales have increased 96.5% at 167 transactions. Currently, there is a 3.9 month of supply for luxury single-family homes and a 9.4 month supply for luxury condos.

Single-family home pricing falls between $400,000 to $600,000 increasing by 27.4% higher than September 2020. Condo sales also saw a heavy rise at 161.1% with sale prices between $400,000 to $600,000.

Inventory has decreased for both single-family homes as well as condominiums. Inventory single-family homes decreased by 42.1% since 2019. Condominiums have decreased from 68.8% since 2019 as well.

Single-family home median prices have increased by 11.5% from $435,000 to $485,000. Condo median prices have increased by 24.5% from $265,000 to $330,000

Miami-Dade cash sales are up by 62.2% and represent 37.3% of Miami’s closed sales in September. According to statistics from the National Association of Realtors, almost 23% of all United States home sales are cash. Cash sales count for 45.9% of Miami condo sales with 24.9% for single-family sales.

Miami Real Estate Breaks Another Record for August 2021

The Miami-Dade real estate market keeps smashing records over and over! For August 2021, a new record was set for the most homes sold in a quarter for Q2 in 2021. In April alone, we saw the best sales month in the history of Miami Dade county. Now, another record was set with the best August sales month in history!

There are multiple reasons for these records breaking, which include companies and executives moving their businesses to Florida in the masses, lower taxes than other states, record-low mortgage rates, and reduced covid restrictions.

Total homes sales surged 30.6% for August 2021 with an increase to 3,299 from 2,527 properties in 2020. There was a slight decrease in sales for single-family homes at 3.5% sliding from 1,357 to 1,309 from August of last year. However, we did see a 70.1% increase in condo sales from 1,170 to 1,990 compared to last year.

All price ranges have also increased for August 2021, especially in the $300,000 and higher range. The median sales price for single-family homes is up 20.3%, placing the average price at $500,500. Condo median prices are also up from the previous year from $265,000 to $335,000.

Insufficient inventory has also impacted sales. We have seen less inventory specifically for single-family homes which has decreased by 27.4% for August 2021 and 41.9% for condominiums.

Single-family luxury homes have also increased by 68.8% with 258 sales than 2020. Luxury condo sales increased by 217.1% with 222 sales.

Total volume for Miami-Dade real estate reached $2.5 billion in August 2021, with single-family homes increasing from 37.4% at $1.4 billion. Condo volume also increased from $490.8 million to $1.1 billion, at 129.2%.

Cash sales have also played a huge role in transactions. Buyers are paying cash at asking or over asking prices for listings. Cash sales represented 38.9% of all closed transactions for August. Cash sales accounted for 47.6% of condo sales and 25.8% of single-family sales.

Miami is on track to have its best year in sales for condos and single-family transactions ever. Within 8 months, total sales have already surpassed 2020’s numbers at 26,931 from 26,345 (2020). The highest year for sales in Miami was in 2013 at 30,041 total transactions.