Miami Real Estate Market Surges In Q1 2021, With Dollar Volume Up 122%

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.

 

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Anonymous
4 months ago

more likely you will see resi developments move farther away from the city center and then more high rise residential being built. Yes, it will be expensive to live here but hopefully our state doesnt implement policies that LA and San Fran do to increase homelessness

Anonymous
4 months ago

Policies are not the overall reason you see homelessness in LA and San Fran. Along with an increasing population also, those two thing are just some of the reasons that caused it in those cities.

Anonymous
4 months ago

Wrong.
Miami had committed serious resources to support those in need.
Miami has one of the lowest numbers of homeless than any other big city.

These are policy decisions.

Anonymous
4 months ago

^ Dude, the population of LA and San Fran areas are much bigger than the population of Miami’s area.

Stop trying to equate the size of a lemon to that of a watermelon.

Anonymous
2 months ago

So are the budgets 🤦

Anonymous
4 months ago

Two 840+ foot towers were proposed on the brightline supertall site. developer is requesting to have the pre-application review meeting on May 20, 2021. total, 2007 units would be created from from the project and nearly 50,000 square feet of commercial space.

Anonymous
4 months ago

You mean thank you DeSantis?

Anonymous
4 months ago

“Thank” is not the verb hat comes to mind.

Anonymous
4 months ago

He lives in your mind rent free and you can think of nothing else.

Anonymous
4 months ago

^ just like Hillary lives forever in yours.

Anonymous
4 months ago

^ Lol.. the GOP is in such an dysfunctional state that the talk in it right now is about splitting up and starting another party.

Anonymous
4 months ago

^ Liz Cheney need to stop messing around with the GOP and move over to the Democratic Party. Their Fuehrer Trump has that party in such turmoil and it’s time to jump ship.

Anonymous
4 months ago

Let’s learn from the housing unaffordability there and push for denser housing developments.

Market Urbanist
4 months ago

Then how do you explain dense AND expensive cities like Hong Kong, Tokyo, Shanghai, London, and NYC? The market will decide affordability. Bureaucratic intervention will only make matters worse.

Anonymous
4 months ago

Land scarcity is part of it. There is only so much buildable land in Manhattan. The regulatory burden associated with building and maintaining property in NYC is also very high. Most of these cities also have a combination of high wages and non-resident owners. Miami has more of the latter, and will get more of the former. Thankfully, there is a lot more buildable space in Miami, and zoning favors multi-family projects unlike northern California and Silicon Valley.

Anonymous
4 months ago

We still have toooo much Single family projects. And we are also land limited, going further west doesn’t work because you end up in the low lying everglades. North and south have already been developed extensively. Only way to go is up. and to fill in the land with housing packed closer together.

Anonymous
4 months ago

The city and county years ago paid for a study on how housing development should be done in the future and the person who did the study said the exact same thing you are saying.

Anonymous
4 months ago

Greater Los Angeles and the Bay Area California were also built on sprawl, and still unaffordable. So with that logic, building more out into the Everglades isn’t going to make housing affordable, unless you think destabilizing more suburbs into becoming the next Miami Gardens or Opa-Locka and intensifying a traffic nightmare is a solution.

Anonymous
4 months ago

Toyko has good urban planning and has had stable and even sometimes decreasing home prices. NYC has low density zoning all around Manhattan driving up prices. London does it better than NYC thus has 20% lower rent and home prices. Hong Kong is the worst with land being used to generate tax revenue instead of making more housing for people. Miami needs to redevelop the areas around downtown to have more density, increased supply means less demand means lower prices. Having such a popular city is not a bad thing, but it can come with negative consequences if we don’t act fast!!!

Anonymous
4 months ago

This. London has no zoning laws, yet housing prices are insane. Meanwhile, Tokyo has some of the strictest building codes in the world with land prices of city blocks equal to entire U.S. States, but you can still manage to find somewhere to live. Pricey, but still relatively affordable with guaranteed transit access.

Shawn Kouri
4 months ago

Whoa

Anonymous
4 months ago

Joe Bonehead has barely been in office for 100 days, and it’s his economy, while it was all Obama’s economy under Trump for three years until the coronavirus outbreak? Sure Jan…

Anonymous
4 months ago

Trump wasn’t even able to keep the people in the three casinos under him employed and yet this buffoon thinks he was intelligent enough to understand the intricacies of the U.S. economy? Baaahhh hahahaha.. baaahhh hahahaha.. baaahhhh hahahaha.. baaahhh…..

Anonymous
4 months ago

Bubble….when I see a unit at a luxury building that took 2 price drops and close to 2 years to sell in January being put back on the market this month, just 4 months after it sold, for $1.020M I can only say bubble. Not saying the seller will get that it anywhere close to it but I wouldn’t be buying a property right now…great time to sell, particularly if there are any suckers still out there (like those buying a 3 month supply of toilet paper and gas).

Anonymous
4 months ago

Sorry…sold for $680K in Jan; back on market at $1.020M…ridiculous.

Anonymous
2 months ago

snowflake