Miami Real Estate Report, October 2021 Statistics

KEY NUMBERS (Compared to October 2020)

  • Number of Condo Sales Up 28.8% YTD 94.2%
  • Number of Single Family Sales Down 12.4% YTD Up 22.9%
  • Median  Condo Price – Up 22% YTD 24%
  • Median Single Family Price Up 19.2%
  • Closed Dollar Volume
    • Condos $957.6M Up 35%
    • SFH $1billion  Up 1.3%

Supply and demand. Everyone is coming to Miami.

Since pre-pandemic October 2019, the dollar volume of Miami condo sales is up 108% with the average price up 38% and median price up 32%. That said we still have a very strong market but the intensity of the price increases appears to be easing up. Compared to last month, Condo median price was down 10% and average price down 4%. But compared to last October—Median Price up 21.9%, Average up 35.2% and up for YTD.
The Single Family market, with a tight 2.2 month supply has seen a decrease in sales which is down 55% from pre-pandemic October 2019. The Median price is up 19.2% over last October and up 24.1% YTD.

Good news for sellers – values are up over last year.

Good news for Buyers – the increases in prices appears to be waning. It’s a good time to sell and with interest rates at an all-time low, a good time to buy.

Statistics about traditional, foreclosure/REO, and short sales. One is done over closed sales percentages. The other is done over median sale price.

Statistics chart for new listing by initial listing price and inventory by current listing price.

Statistics chart for closed sales by sale price and median time to contract by sale price.

Statistics chart for inventory (active listings) and month’s supply of inventory. Both have year-to-date (monthly average) and monthly statistics.

Statistics chart for new pending sales and new listings. Both have year-to-date and monthly statistics.

Statistics chart for median time to contract and median time to sale. Both have year-to-date and monthly statistics.

Statistics chart for dollar volume price and median percent of original list price. Both have year-to-date and monthly statistics.

Statistics chart for median sale price and average sale price. Both have year-to-date and monthly statistics.

Statistics chart for cash sales and cash sales as a percentage of closed sales. Both have year-to-date and monthly statistics.

Summary statistics for all September statistics. Close sales statistics chart, with monthly changes and year-to-date numbers.

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