The real estate market in South Florida has been extremely hot ever since the pandemic hit. More than a year later, Miami Dade real estate continues to thrive. However, though residential sales keep rising, the declining inventory has been a challenge for some submarkets.
Right now, there are many people from all over the world migrating to Florida. This, combined with low interest rates has caused home sales to spike. In fact, the dollar volume for home sales in July totaled over $7.8 billion (Miami Dade, Broward, and Palm Beach combined).
As far as Miami Dade real estate goes, residential sales jumped over 58% in July. In total, there were 3,632 closings. From that number, most of them were condo sales. Though the demand for single-family homes remains very high, sales of this type of property only increased 15% to 1,373. This was not a lot compared to how condo sales climbed around 104% to 2,259 in the county.
The luxury market in Miami Dade also experienced huge spikes during the month of July compared to last year. In the luxury market (homes priced $1M+), sales for single-family homes rose 110%, while sales of luxury condos spiked by 323%.
Prices in Miami Dade rose by around 26% to an average of $515,000 for single-family homes, and around 31% to $340,000 for condos.
In total, Miami Dade real estate accounted for $2.7 billion in sales volume in July. This was an increase of 67% YoY. Single-family homes accounted $1.4 billion of that total, and condos the rest.
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