The forecast for Miami-Dade County’s luxury residential market in 2Q 2021 including both condominium and single-family homes continues with high optimism — reasons for the bullish position here now in the Sunshine State have to do with outstanding tax strategies/advantages, the beautiful climate, a better way of life, and an open state with freedoms reigning. Ultra-low interest rates and the ability for many to work from home are evident here but equate Nationwide for the current housing market boom.
Exceptional values & views are also noted here in South Florida in contrast to other metro areas as we see in the chart(s) below. From the inventory run-up on both condos and homes since late-2015 combined with the pre-construction cycle condo glut, the selection today is still quite good. In contrast and with all things relative, today’s dwindling inventory selection combined with significant buyer activity will likely show us a stronger price appreciation and fewer options in the months ahead — bidding wars and multiple offer scenarios escalate on premier condos and homes. New release pre-construction towers are selling out fast and yet still years down the pipeline from delivery.
Florida has opened up a golden opportunity this year just like we experienced back in 2010 for luxury condo and home sales. An influx of new residents into South Florida from top-tier locations like New York, New Jersey, Chicago, and California are fueling Miami’s residential sales and with this aggressive market shift, condos and homes are much larger and far better suited for a primary residence.
There were 554 contracts above $1 Million in Miami-Dade County that closed last month. These new property deals brought the total luxury sales for 2Q 2021 to 1818. This figure is an 81% increase in comparison to the same 2Q period in 2020 when 341 properties went into contract during the second quarter.
How fast to sell?
The number of days on the market (DOM) increased to 145 days to sell.
Additionally, the price per square foot was up to a median figure of $695 per square foot or an 18% increase over 2020’s second-quarter price per square foot of $568 psf.
The median sale price per square foot for Miami-Dade County single-family homes priced >$1M during the second quarter of 2021 is $587 psf and for condos, $843 psf.
There were 47 contracts above $5 Million in Miami-Dade County that closed last month. These new deals brought the total luxury sales for 2Q 2021 to 216. This is a 45% increase in comparison to the same 2Q period in 2020 when 26 properties went into contract.
How fast to sell?
The number of days on the market (DOM) decreased to 104 days (3.5+ months) down from 244 days in 2020.
Additionally, the sale price per square foot was up to a median figure of $1,725 psf or an 11% increase over 2020’s second-quarter sale price per square foot of $1,535.
The most valuable condo sales this second quarter were noted at Continuum South trading at $35m ($3,173 psf) and based on the highest per square foot alone, Arte at Surfside with the lower penthouse trading at $4,441 psf ($22m).
For single-family, an estate home sold at 3550 Matheson Avenue for $30.5m ($2,767 psf) and based on the highest per square foot alone, the oceanfront estate at 7709 Atlantic Way selling at $3,862 per square foot or $25,483,600.
The median sale price per square foot for single-family homes priced >$5M during the second quarter of 2021 is $1,335 psf and for condos, $2,019 psf.
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