December 2021 Posts Best Sales Month in Miami-Dade Real Estate History
This year has been a record-breaking year for Miami-Dade County real estate. Quarter one, we saw median sales prices reach record numbers as well as the number of homes sold. In the second quarter for 2021, a new record was set for the most home ever sold in that quarter.
In the third quarter, records for highest condo prices sold. And now, Miami has had its best December sales month in history with total homes sales, highest annual total dollar volume, most condo transactions, and most single-family home sales.
According to the Multiple Listing Service (MLS) for quarter 4, there has been 49% more sales and 103% more dollar volume in 2021. Year 2021 ended with 39,394 existing total property sales, up 49.5 percent from the 26,345 transactions in 2020 and 31.1 percent from the previous annual high of 30,041 transactions in 2013. Miami's sales in dollars totalled $30.3 billion in 2021, an increase of 103.4 percent year over year.
The total sales record actually broke in October 2021 (10 months) which is a record in itself. In just nine months in 2021, Miami broke its all-time yearly condo sales record, selling 23,689 units, an increase of 80.9 percent over the previous year. Miami set a new record for annual single-family home sales in 11 months, with 15,705 units sold, up 18.5 percent from 2020.
Total home sales in Miami-Dade County increased 14.8% year over year in December 2021, from 2,990 to 3,433. While single-family house sales in Miami fell 1.2 percent, from 1,372 to 1,356, existing condo sales in Miami rose 28.4%, from 1,618 to 2,077. It's the 15th month in a row that condo prices have risen by double digits year over year.
Nine of the top ten best house sales months in Miami history occurred in the year 2021. The month of June 2021 (with 4,057 total transactions) is still the most active in Miami's history. Since MIAMI began keeping statistics in 1993, December 2021 (with 3,433 sales) has been the sixth-best sales month overall.
Home sales in Miami are also up considerably from December 2019. Total home sales in Miami increased by 41.6 percent in December 2021 compared to December 2019, from 2,424 to 3,433. Single-family house sales in Miami are up 15.5 percent, while condo transactions are up 66.2 percent, compared to December 2019.
In December 2021, single-family luxury ($1 million and more) transactions in Miami increased 18.6% year over year to 262. Existing condo luxury ($1 million and over) sales in Miami increased by 100% year over year to 264 transactions.
Luxury single-family homes have a 3.2-month supply, while luxury condos have a 7.5-month supply. Month-over-month and year-over-year, luxury months of supply continues to decline for all property categories.
In December 2021, 535 single-family houses priced between $400K and $600K sold in Miami, up 25.6 percent year over year. Existing condo sales in Miami increased by 101.7 percent to 359 deals, with prices ranging from $400K to $600K.
Single-family median prices in Miami-Dade County grew 15.4% year over year in December 2021, rising from $454,900 to $525,000. The median price of a single-family home in Miami has grown for 121 months in a row, a stretch of 10.1 years. The typical price of an existing unit grew 29.3% year over year, from $274,500 to $355,000. In 123 of the last 127 months, condo median prices have risen.
In December 2021, Miami's total monetary volume was $3.1 billion. The dollar volume of single-family homes climbed 27.7% year over year, from $1.31 billion to $1.67 billion. Year over year, condo dollar volume increased 68.5 percent, from $853 million to $1.4 billion.
In December 2021, cash transactions accounted for 40.4 percent of Miami closed sales, up from 32.2 percent in December 2020. According to the most recent NAR statistics, cash sales account for about 23% of all house sales in the United States. Cash sales made up 49.1% of all existing condo sales in Miami and 27.1 percent of single-family home sales.
