Miami Real Estate Breaks Another Record for August 2021

September 24, 2021

The Miami-Dade real estate market keeps smashing records over and over! For August 2021, a new record was set for the most homes sold in a quarter for Q2 in 2021. In April alone, we saw the best sales month in the history of Miami Dade county. Now, another record was set with the best August sales month in history!

There are multiple reasons for these records breaking, which include companies and executives moving their businesses to Florida in the masses, lower taxes than other states, record-low mortgage rates, and reduced covid restrictions.

Total homes sales surged 30.6% for August 2021 with an increase to 3,299 from 2,527 properties in 2020. There was a slight decrease in sales for single-family homes at 3.5% sliding from 1,357 to 1,309 from August of last year. However, we did see a 70.1% increase in condo sales from 1,170 to 1,990 compared to last year.

All price ranges have also increased for August 2021, especially in the $300,000 and higher range. The median sales price for single-family homes is up 20.3%, placing the average price at $500,500. Condo median prices are also up from the previous year from $265,000 to $335,000.

Insufficient inventory has also impacted sales. We have seen less inventory specifically for single-family homes which has decreased by 27.4% for August 2021 and 41.9% for condominiums.

Single-family luxury homes have also increased by 68.8% with 258 sales than 2020. Luxury condo sales increased by 217.1% with 222 sales.

Total volume for Miami-Dade real estate reached $2.5 billion in August 2021, with single-family homes increasing from 37.4% at $1.4 billion. Condo volume also increased from $490.8 million to $1.1 billion, at 129.2%.

Cash sales have also played a huge role in transactions. Buyers are paying cash at asking or over asking prices for listings. Cash sales represented 38.9% of all closed transactions for August. Cash sales accounted for 47.6% of condo sales and 25.8% of single-family sales.

Miami is on track to have its best year in sales for condos and single-family transactions ever. Within 8 months, total sales have already surpassed 2020’s numbers at 26,931 from 26,345 (2020). The highest year for sales in Miami was in 2013 at 30,041 total transactions.