Miami-Dade County set yet another record for 2021, posting its best August sales month. This was the county’s sixth consecutive record-breaking month for sales.
Pent-up demand, an increase in individuals and businesses moving to South Florida and record-low mortgage rates continued to fuel transactions, according to the Miami Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
Total home sales rose 30.6% for August, increasing to 3,299 from 2,527 in the same month last year. Single-family homes saw a slight decrease, falling 3.5% from 1,357 to 1,309, while existing condo sales increased 70.1% from 1,170 to 1,990.
August’s sales were significantly higher than in 2019, up 38.9% from the same month two years ago. Single-family home sales rose 12.5%, while condo transactions jumped 64.5%.
“Many of the U.S. individuals who have moved here have made South Florida their primary home, which means they’ll be contributing to our economy year-round,” MIAMI Chairman Jennifer Wollmann said. “The many U.S. companies — from Microsoft to CI Financial — who have signed leases and announced plans to open regional hubs/headquarters in Miami are adding high-paying jobs. This record-breaking sales year will have a long-lasting impact on our community.”
Miami is on track to have its best year ever for total sales, condo sales and single-family home transactions. From January to August, the city recorded 26,931 sales, which is more than the total sales for all of 2020 (26,345). Miami’s current sales record is 30,041, set in 2013.