Miami has posted historic numbers
Miami's real estate market is on fire. High demand, lower inventory levels, work remotely mentality, better weather and tax climates, increased home equity and relocating companies to the county have made July 2021 one for the history books.
“A historic year for Miami real estate continues with the best-ever July sales month,” MIAMI Chairman of the Board Jennifer Wollmann said. “The pandemic and the increase in remote work availability has accelerated the demand for Miami real estate. Tax-burdened Northeast and West Coast homebuyers continue fueling sales and now with global vaccinations rising and unstable global political situations, South Florida is seeing an increase in foreign buyers.”
Nearly every portion and metrics of Miami's real estate has broken records including sold prices, prices per square foot and volume.
Below are some of the highlights of the report released by the Miami Association of Realtors (MIAMI) and The Multiple Listing Service (MLS) system.
- "Miami-Dade County total home sales surged 57.7% year-over-year in July 2021, from 2,303 sales to 3,632. Miami single-family home transactions rose 15%, from 1,194 to 1,373. Miami existing condo sales increased 103.7%, from 1,109 to 2,259".
- "Miami real estate has now posted record sales months in each of the last five months (March, April, May, June, and July). June 2021 (with its 4,057 total transactions) remains the No. 1 overall sales month in Miami history. July 2021 (with its 3,632 sales) ranks as the fourth-best sales month overall since MIAMI began tracking stats in 1993".
- "Miami home sales are also significantly higher vs. July 2019. Miami total home sales are up 45.9% in July 2021 vs. July 2019, from 2,490 to 3,632. Miami single-family home sales (8.1% increase) and condo transactions (85.2% jump) are higher than July 2019".
- "With so many U.S. companies and individuals relocating to our region over the last year, many of those relocating homebuyers are taking advantage of the condo inventory. International homebuyers, who have long preferred condos, have pent-up demand for Miami real estate and are also returning to the No. 1 market for foreign homebuyers".
- "Miami existing condo sales are up in all price ranges in July 2021, with major transaction increases in properties selling at $300K and above."
- Miami's months of supply for condo & townhomes inventory is down to 4.9 months in July 2021 from 14.2 in July 2020
- "Lack of inventory in certain price points is impacting sales, particularly for single-family homes. Increased housing starts and more sellers listing properties in 2021 should help alleviate the lack of supply. More inventory is expected to come to the market later this year as potential home sellers become more comfortable listing and showing their homes. The falling number of homeowners in mortgage forbearance will also bring about more inventory".
-"Miami Luxury Sales Jump as Northeast and West Coast Buyers Move to Mega Region
Miami single-family luxury ($1-million-and-up) transactions jumped 110.1% year-over-year to 271 sales in July 2021. Miami existing condo luxury ($1-million-and-up) sales increased 323.3% year-over-year to 254 transactions".
-"Comparing the July 2021 luxury stats to July 2019 also shows major gains. Miami single-family luxury sales surged 141.9% from July 2019 to July 2021. Miami condo luxury transactions jumped 247.9% from July 2019 to July 2021".
- "Miami Homeowners' Home Equity Continues Surging as Many Pay Lower Mortgage Payments
With interest rates still at record lows, many South Florida homeowners have refinanced their home loans. So not only are many homeowners paying lower mortgage payments today; they are doing so while their wealth (home equity) has significantly increased. Home equity can be tapped for renovations, college loans and more".
-"Miami Real Estate Attracting Multiple Bids, Buyers Going Over-List Price
With low inventory, particularly for single-family homes, Miami properties are attracting multiple bids and buyers going over-list price. The median percent of original list price received was 98.6% for single-family homes and 95.8% for condos in 2Q 2021".
About the MIAMI Association of Realtors
The MIAMI Association of Realtors was chartered by the National Association of Realtors in 1920 and is celebrating 101 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations, the Residential Association, the Realtors Commercial Alliance, the Broward-MIAMI Association of Realtors, the Jupiter Tequesta Hobe Sound (JTHS-MIAMI) Council, the Young Professionals Network (YPN) Council and the award-winning International Council, it represents 52,000 total real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S. and has official partnerships with 223 international organizations worldwide. MIAMI's official website is http://www.MiamiRealtors.com