Miami house prices are finally stabilizing after months of increases. In Miami-Dade, the median sales price for a single family home dipped to $450,000 in February. This is a 4% dip from its record high in January of $470,000 despite shrinking supply. In fact, this is also the first decrease in single-family home prices since the Covid-19 lockdown a year ago. This dip in prices could be due to increased sales activity below the median sales price. In Broward, on the other hand, house prices continued to increase from January month to month from $420,000 to $433,000. The median in that county has fluctuated slightly along with supply.
Condo prices have increased in both counties. This could be because of the huge influx of newcomers from all over the country. Because demand for single-family homes is very high, consumers are looking for condos as an option.
In Miami-Dade, the total number of residential home sales rose by 33.5% YoY from 1862 in February 2020, to 2485 in February 2021. In fact, sales increased by 23.6% for single-family houses and by 42.3% for condos. The median price for a house went from $370,000 in February 2020 to $450,000 in February 2021 (down 4% from the all time high of $470,000 in January). The median price for a condo went from $255,000 to $300,000 despite the increase in inventory.
In Broward, residential home sales increased from 2,159 in February 2020 to 2,694 in February 2021. The median price rose YoY for houses from $385,000 to $433,000. Condos also rose from $180,500 to $200,000.
Overall, South Florida house hunters may find great deals right now, as Miami house prices appear to be stabilizing.