Home sales in Miami-Dade County spiked +57.7% y/y in July and +45.9% compared to July 2019.
Home Sales in Miami-Dade County Go Bonkers in July
Miami residential real estate sales in July were off the charts. Home sales spiked +57.7% y/y and +45.9% when lined up with July 2019 sales, a more comparable, pre-pandemic year.
Single-family home sales jumped +15% y/y and condominium sales soared +103.7% y/y.
Jennifer Wollmann, chair of the board of the Miami Association of Realtors, said, “A historic year for Miami real estate continues with the best-ever July sales month. The pandemic and the increase in remote work availability have accelerated the demand for Miami real estate.”
US Buyers and International Clients Returning to Miami
Miami-Dade County has seen record sales for the last five months. South Florida’s weather and the state’s tax-friendliness are definite attractions to Americans and international clients alike.
Wollman said, “Tax-burdened Northeast and West Coast home buyers continue fueling sales. Now with vaccinations rising and unstable global political situations, South Florida is seeing an increase in foreign buyers.”
Condominium Inventory Compensating for Scarce Single-Family Home Supplies
Florida’s existing condominium inventory is robust, close to five months, due to the pandemic essentially shutting down that market in the spring of 2020. Now, with more people being vaccinated, COVID fears are down and condo sales are up to the eye-popping tune of nearly +104% y/y.
Meanwhile inventory of single-family homes is quite limited, only 2.2 months.
Miami’s Lux Tier
Sales of single-family luxury homes spiked +110.1% in July y/y, exploding more than double the sales generated in July 2020.
Luxury condominium sales surged +323.3% y/y.
Luxury sales also boosted median sale prices in Miami. The median price of a single-family home in July jumped +25.6% y/y to $515,000.
Median condo prices also jumped in July with an increase of +30.8% y/y to $340,000.
Thanks to the Miami Association of Realtors and MansionGlobal.