For the fifth month in a row, Miami real estate prices have hit a new high. As of January, the new median is $470,000. In Miami-Dade, the median price for a single-family home increased by more than 25% from January 2020 and up more than 3% from December. The prices for single-family homes have been increasing since September. This spike is expected to continue rising as inventory becomes more limited.
The current spike in sales is mostly due to three types of buyers: Millennials, first-time buyers, and junior-level executives working remotely. According to the Miami Herald, Florida welcomes about 660 new residents daily. Despite the rising Miami real estate prices, historically low mortgage rates keep motivating buyers.
From January 2020 to January 2021, total number of home sales increased by 19.1%, from 1,857 to 2,211. Single-family home sales grew by 9.1% while condo sales grew by 28.1%. The county has 11.3 months of supply of condos but only 3.1 monthly of supply for single-family homes. The median price for a condo increased 14.3% year over year, while the median price for single-family houses increased by 25.2%.
From January 2020 to January 2021, total number of home sales increased by 18.9%, from 2,031 to 2,416. Single-family home sales grew by 18.2% while condo sales grew by 19.6%. Broward has about 5.4 months of supply of condos, and only a 2 months-supply of single-family houses. The median price for condos in Broward increased by 22.9% year-over-year, from $170,000 in January 2020 to $209,000 in January 2021. Similarly, the median price for single-family homes also increased. The median price of a single-family homes rose by by 12.2%, from $374,450 to $420,000.
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