Overall total sales in Miami-Dade County continued to soar in February, with a double-digit increase for the sixth consecutive month, according to the Miami Association of Realtors (MIAMI) and the Multiple Listing Service (MLS),
Total home sales jumped 33.5% year over year, while single-family home sales rose 23.6% and existing condo transactions increased 42.3%. Demand is also evident for real estate in South Florida because homes and condos are going under contract faster. There is a lack of inventory in certain price points that is impacting sales. However, increased housing starts and more sellers listing properties in 2021 should help alleviate the lack of supply.
“Purchases from home buyers in tax-burdened states, which began with the 2016 tax reform bill and has accelerated since COVID made remote working commonplace, continue to fuel Miami real estate,” Miami Association of Realtors Chairman of the Board Jennifer Wolman said in a press release. “Low-mortgage rates, increased interest from international buyers and pent-up demand for South Florida real estate are also key factors in rising home sales.”
- There has been 111 consecutive months of price appreciation in Miami, due to strong demand coupled with limited supply.
- Single-family home and condo dollar volume has increased.
- Miami distressed sales have remained low, reflecting a healthy market.
- Miami real estate is selling close to list price.
- Miami’s cash buyers top the national figure.
- It is a seller’s market for single-family homes and a buyer’s market for condos.