Miami-Dade County real estate posted its best November sales month in history as existing condo sales surged double digits year-over-year for the 14th consecutive month, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
The red-hot market, fueled by domestic and global homebuyers, has now established all-time annual records for total home sales (set in 10 months), all-time annual condo sales (set in nine months), and the all-time annual single-family home sales (set in 11 months).
Miami-Dade County total home sales rose 22.9% year-over-year in November 2021, from 2,459 sales to 3,021. Miami single-family home transactions increased 1.2%, from 1,154 to 1,168. Miami existing condo sales increased 42%, from 1,305 to 1,853.
“The demand for Miami real estate is so high that not even November, a time usually known for a slower pace of deals because of the holidays, can slow down this historic market,” MIAMI Chairman of the Board Jennifer Wollmann said. “Domestic buyers from high-tax, high-density states have migrated here as the availability of remote work has expanded exponentially with the pandemic. Vaccinated global buyers were allowed to resume travel to the U.S. in November and are only adding to the number of buyers interested in Miami properties.”
Year-to-date, Miami has registered 35,961 existing total homes sales in 11 months, which surpasses the previous annual record of 30,041 transactions in the entire year of 2013, an increase of 19.7%.
Best November Sales Month in Miami History
Of the top-10 best home sales months in Miami history, nine have happened this year. June 2021 (with its 4,057 total transactions) remains the No. 1 overall sales month in Miami history. November 2021 (with its 3,021 sales) ranks as the eighth-best sales month overall since MIAMI began tracking stats in 1993.
Miami home sales are also significantly higher vs. November 2019. Miami total home sales are up 48.6% in November 2021 vs. November 2019, from 2,033 to 3,021. Miami single-family home sales (20.2% increase) and condo transactions (74.6% jump) are higher than November 2019.
Miami Luxury Sales Jump as Northeast and West Coast Buyers Move to Mega Region
Miami single-family luxury ($1-million-and-up) transactions rose 28.2% year-over-year to 209 sales in November 2021. Miami existing condo luxury ($1-million-and-up) sales surged 115.6% year-over-year to 207 transactions.
There are only 3.6 months of supply in luxury single-family homes and 8.4 months of supply in luxury condos. Luxury months of supply continues to trend downward for all property types, month-over-month, and year-over-year.
Low interest rates, a robust S&P 500, the appeal of stable assets in a volatile economy, homebuyers leaving tax-burdened Northeastern states to purchase in Florida (no state income tax), and work-from-home and remote-learning policies have all combined to create a robust market for luxury single-family properties.
With global vaccinations rising and unstable political situations around the world, South Florida is seeing an increase in foreign homebuyers. Global buyers are coming here for the vaccine and purchasing property.
Vaccinated foreigners were allowed to resume travel to the U.S. back on Nov. 8 and that is leading to more international investment in South Florida – the No. 1 destination for foreign buyers. Global buyers purchase in Miami because Miami is a world-class global city with better real estate prices than other similar global cities. Foreign buyers feel at home with our incredible diversity and acceptance of all cultures.
Miami single-family homes priced between $400K to $600K increased 15.1% year-over-year to 405 transactions in November 2021. Miami existing condo sales priced between $400K to $600K increased 132.6% to 321 transactions.