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.