Miami’s real estate market is on fire – particularly in the $1 million and up segment.
In the first quarter of 2021, sales of condos valued at over $1 million rose 188% compared to the same period in 2020, with a total of 553 transaction recorded in the three month period.
Sales of single family homes above $1 million rose 182.9% year-over-year to 679 transactions in the first quarter.
Overall dollar volume in the market for transactions in all price categories increased 122.6% for single family homes, and 117.8% for condos compared to the same period last year (new construction is excluded).
Sales would have been significantly higher if more inventory was available, according to Miami Association of Realtors Jennifer Wollmann.
Properties are attracting multiple bids and buyers going over-list price, the Realtor’s Association says. The median percent of original list price received was 97.1% for single-family homes and 94.4% for condos in Q1 2021.
The median time to contract for single-family home listings was 30 days, a 46.4% drop from 56 days in Q1 2020. The median time to contract for existing condos was 67 days, a 20.2% drop from 84 days in Q1 2020.
Miami single-family home median prices rose 25.3% year-over-year, from $375,000 to $470,000. Median prices have now increased for 37 consecutive quarters, a streak spanning over 9 years. Miami existing condo median prices rose 15.1% year-over-year, from $257,975 to $297,000.