The first quarter of 2021 showed a hot market for South Florida. As a result of shrinking single-family home inventory, the South Florida condo market took the lead. In addition, prices rose for both single-family homes for both homes and condos. Here is a breakdown:
The Miami mainland includes Aventura, Brickell, Coconut Grove, Palmetto Bay, Pinecrest, and South Miami. In those areas, residential sales rose 4.4% to nearly 3,500 sales. Furthermore, condo sales rose 13% to 1,950 closings, while single-family home sales fell by nearly 5% to 1,541 closings. Condo supply outweighed single-family home supply during Q1.
In Miami Beach, sales of both single-family houses and condos rose 85% to 1,425 closings. This number includes closings in Miami Beach and the barrier islands, including Bal Harbour, Bay Harbor Islands, Fisher Island, Golden Beach, Indian Creek, Key Biscayne, North Bay Village, Sunny Isles Beach, and Surfside. In these areas, condo sales increased 75% to 1,192 while single family rose by 162% to 233.
In Fort Lauderdale, condo sales and single-family homes ales both rose by around 59% to 787 and 688 closings. In addition, the median prices also rose. For condos, it increased by 17% to $390,000 and for single-family homes by 21% to $525,000.