Miami Real Estate Sales Surge in April 2021 – Best Sales Month in History

May 27, 2021

Home and Condo Sales surge in April making it the best sales month in Miami-Dade County real estate history. There have been a record number of companies relocating as well as individuals moving to South Florida creating such a high demand. Throw in the record-low mortgage rates and you definitely have your ‘surge.’

According to the Miami Multiple Listing Service (MLS), home sales have increased by 151.3% from 2020. Last year offered 1,576 homes sold to this year alone doubling to 3,960. Single-family home transactions increased by 83.1%. Condo sales are no different, with a substantial increase of 234.2% from 711 sales in 2020 to 2,376.

According to the MIAMI Realtors Chairman of the Board Jennifer Wollmann, “Miami recorded its best April sales month in history and the sales could have been even larger had there been more inventory.” “As is the situation in many major cities, inventory is low for single-family homes. The Miami condo market, however, is in a balanced market with 7.1 months of supply and buyers are taking advantage of the sector’s healthy inventory and today’s record low mortgage rates,” Wollmann also stated.

The luxury market has seen a substantial increase, with Miami luxury single-family home sales increasing 541.1% year over year with 359 total sales for April 2021.

Single-family home pricing between $400,000 to $600,000 increased by 118.9% to 521 transactions in April 2021. Cash sales for single-family homes have increased by 27.4%

The Miami Luxury condo market has also seen a spike in sales with an increase of 540.8% with 314 sales. Condo pricing sales between $400,000 and $600,000 had an increase of 371.6% to 349 sales than the years prior. Median prices for condos have increased 22.6% year over year as well. Condo cash sales accounted for 46.5% of transactions.

Distressed sales in my were at 1.5% which is low compared to prior years. Back in 2009, distressed sales accounted for 70% of all Miami sales.

With the high-demand, Miami real estate buyers have gotten creative and competitive with their offers. Multiple bids, buyers offering over asking price, and/or offering cryptocurrency in with their offer can really give buyers an edge in this market. Other factors have included mortgage contingencies, waving home inspections, and mortgage lenders waiving appraisals have also created a competitive edge.