Miami-Dade County in June saw the highest number of residential sales in a single month in nearly 30 years — a clear indicator of the increasing demand for South Florida living.
Miami-Dade recorded 4,057 condo and single-family home sales, according to the latest Miami Realtors Association sales reports released on Thursday. It is the most sales the county has had in a single month since the association started tracking sales activity in 1993.
Broward had a total of 4,121 residential transactions, the highest sales volume for the entire year.
“The market is still strong due to the continual low interest rate environment,” said Mike Pappas, CEO of the Keyes Company. “The majority of the movement is from the tri-county area, but also seeing a strong demand from the NE along with Illinois and California.”
Miami-Dade, Broward and Palm Beach counties also saw the third highest year-over-year increase in residential sales in June compared to 50 other metro areas in the country, according to the June national housing report by RE/MAX.
Buyers continue to flock to South Florida from across the Northeast and West Coast, said Miami Realtors chairman Jennifer Wollmann, for the same reasons that have motivated newcomers since the start of the pandemic.
She cited “U.S. companies bringing high-paying jobs to Miami, tax-burdened Northeast and West Coast homebuyers relocating to our tax-friendly and pro-business region, year-over-year population gains, increased availability of remote work, low mortgage rates.”
Sales jumped by 114.3% year-over-year, from 1,893 transactions to 4,057. Condos saw a larger year-over-year sales increase and experienced more activity than single-family homes.
The county has 2.2 months of supply of single-family homes and 5.1 months of condos.
Total residential transactions more than doubled at 76.6% year-over-year, from 2,333 in June 2020 to 4,121 in June 2021. More buyers opted for condos and buildings had a higher year-over-year sales increase than single-family homes.
Broward has 1.5 months of supply of houses and 2.4 months of condos.
Median sales prices grew for single-family homes by 27.7% year-over-year, from $390,000 to $498,203 and by 11.3% for condos, from $198,500 to $221,000.
Single-family home sellers got what they wanted with all sales closing at the original listing price, up from 96.5% from last year. Condos closed at 97.1%, higher than 94.6% in June 2020.
Cash sales comprised 40.3% of all sales, higher than 27.3% last year and higher than the national average of 23%.
Source: Miami Herald
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