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Miami wraps up 2020 with record-setting home sales

by Kerrie Kennedy

Amid the pandemic and recession, Miami-Dade County recorded the fourth largest number of single-family home sales in history, according to the latest report from the MIAMI Association of Realtors.

Miami agents sold 13,250 single-family homes in 2020. Only 2015 (13,898 transactions), 2014 (13,508) and 2019 (13,322) had more annual Miami single-family home sales.

Luxury ($1 million and up) single-family homes led the way in 2020, as sales climbed 41.2% year over year to 1,447 transactions.

Meanwhile, existing condominiums posted the 11th best sales year in history — with 13,095 sales — despite competing with Miami’s multi-million-dollar new condo construction market.

“The Miami real estate market displayed its resiliency in 2020, pivoting in the wake of a global pandemic to have one of its top sales years in history,” MIAMI Chairman of the Board Jennifer Wollmann said in a press release. “Pent-up demand, record-low mortgage rates, Florida’s low taxes, low inventory and purchases from home buyers in tax-burdened states, and increased interest from international buyers are all boosting Miami real estate.”

With lack of supply is expected to improve in 2021 as housing starts increase and the vaccine eases sellers’ concerns, inventory issues are impacting property sales.

  According to MIAMI Realtors, the Miami neighborhoods with the lowest months of supply of inventory at the close of 2020 include:

Single-Family Homes

  • The Crossings, a south Miami-Dade community west of Kendall, had 0.8 months’ supply.
  • Three Lakes, a south Miami-Dade community west of Palmetto Bay, had 0.8 months’ supply.
  • Country Walk, a south Miami-Dade community west of Palmetto Bay, had 1.0 months’ supply.
  • Cutler Bay, a south Miami-Dade city south of Palmetto Bay, had 1.0 months’ supply.
  • Country Club, a north Miami-Dade community north of Miami Lakes, had 1.1 months’ supply.

Condominiums

  • Three Lakes, a south Miami-Dade community west of Palmetto Bay, had 1.1 months’ supply.
  • The Hammocks, a south Miami-Dade community west of The Crossings, had 1.5 months’ supply.
  • Kendale Lakes, a south Miami-Dade community located north of The Crossings, had 1.6 months’ supply.
  • Miami Lakes, a north Miami-Dade town east of Doral, had 2.1 months’ supply.
  • Country Club, a north Miami-Dade community north of Miami Lakes, had 2.1 months’ supply.

 

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