Miami Real Estate Sales Soar for the 16th Consecutive Month

February 22, 2022

According to the MIAMI Association of Realtors and the Multiple Listing Service, Miami-Dade County real estate extended its record run of house sales with its best-ever January sales month, as existing condo transactions climbed for the 16th consecutive month.

The record-breaking 2021 included the greatest annual total dollar volume, all-time year total house sales, most single-family home sales, most condo transactions, and the highest number of cash transactions. Now, 2022 brings its best January sales month in history.

Homes sales rose 19.6% in January from 2,211 to 2,645. Single-family home transactions increased from 968 to 1,008 transactions at about 4.1%. Condo sales saw a higher increase at 31.7% from 1,243 to 1,637 transactions. This marks the 16th month of double-digit condo gains.

Compared to last January, home sales are up 42.4% from 1,857 to 2,645 with single-family homes at 13.6% and condos at 68.8%

Luxury condo sales also surged at 69.9% compared to last January at 192 transactions. Single-family luxury homes rose 20.4% at 201 sales.

Median-priced Single-family homes between $400-$600k rose 31.3% to 386 transactions for January. Condo sales in that same price range rose 98% with 303 sales in January.

Inventory decreased for both single-family homes and condos. Single-family homes decreased by 9.1% while condos decreased by 3.6%.

Median family homes sale prices increased 10.8% in January. Single-family home prices rose for the 122 consecutive months while condo prices increased for 124 consecutive months.

Total dollar volume hit $2.1 billion in January with single-family home volume increased 16.7% while condo volume increased 56.2% for January.

The sales percentage of Miami out preforms the Nation while in state, single-family home sales increased 1.4% in January 2022. Condo sales increased 6.7% in January 2020.

Single-family median sales percentages reached 98.1% for January 2022. The median sales percentage for condos increased by 3.2% compared to last year’s median sales percentage.

Cash sales in Miami make up 40.1% of real estate transactions, which is 48.5% more than the national average for January 2022. Cash sales made up of 49.4% of condo transactions while 25% of the single-family transactions were in cash.

According to the Miami Chairman of the Board, Fernando Arencibia Jr. stated, “The demand for Miami real estate has never been higher from both domestic and global homebuyers. Major U.S. companies opening HQs in Miami, surging domestic and global migration to South Florida, a larger percentage of Florida residents in their prime home-buying years, the expansion of remote work, low mortgage rates, Florida’s low taxes, relaxed Covid restrictions, South Florida’s healthy lifestyle and more have each played roles in Miami’s booming sales.”