Miami Real Estate Report, August 2021 Statistics
The speculation that condo sales would be negatively affected did not happen as the majority of the closed sale in August went under contract in July. Condo sales were up 70% and dollar volume up 129% but comparing to August 2019 – pre-pandemic – the numbers are still very strong, sales up 64% and volume up 145%. Condo median price up 26.4% – Single Family up 20.3%. With such demand and tight supply prices are doing what would be expected.
Single Family inventory is way down with only a 2.3 month supply causing a slight dip of 3.5% in closed sales.
Condos sales over $1 million were up 217%.
There is strong demand for Miami real estate from the Tech and Finance industries, people looking to pay less in taxes and those in search of a great quality of life…. It’s here!
KEY NUMBERS (Compared to August 2020)
- Number of Condo Sales Up 70.1% YTD 114.6%
- Number of Single Family Sales Down 3.5% YTD Up 32.9%
- Median Condo Price – Up 26.4% YTD 23.1%
- Median Single Family Price Up 20.3%
- Closed Dollar Volume
- Condos $1.1billion Up 129%
- SFH $1.4billion Up 37.4%
