South Florida residential sales increased significantly in the second quarter compared to the same period of 2020, partly reflecting the slowdown during the pandemic.
After the market shut down at the start of the pandemic, sales of single-family homes soared last year, finally hitting new records across the tri-county area. Condo sales rebounded later, which explains the much larger year-over-year increases in second-quarter condo closings, according to reports from Douglas Elliman, written by Jonathan Miller of Miller Samuel.
On the Miami mainland coast, which includes Aventura, Brickell, Coconut Grove, Palmetto Bay, Pinecrest and South Miami, condo sales rose 216%, while single-family home sales rose 70%.
Meanwhile, due to the steady flow of sales over the past few months, inventory and supply months have plummeted in South Florida.
In coastal Miami-Dade, total residential sales rose 133% to 6,219. Single-family home sales rose 70% to 2,589 closings, while condo sales jumped to 3,630 closings, a jump of 216% year over year. Condo sales had slowed around this time last year due to the closure.
The median selling price of condos rose 18% to $ 325,000, with approximately 3.2 months of supply. For homes, the median price rose 32% to $ 550,000, with about 1.7 months of supply.
In Miami Beach and the Barrier Islands, which include Bal Harbor, Bay Harbor Islands, Fisher Island, Golden Beach, Indian Creek, Key Biscayne, North Bay Village, Sunny Isles Beach and Surfside, residential sales soared to 2,393, an annual jump of 378%. .
Condo sales climbed 406 percent to 2,101. The median selling price of condos rose nearly 50 percent to $ 540,000. The offer fell to 4.6 months at the end of the second quarter, not counting the condos under construction.
Sales of single-family homes increased 240% to 292 closings. The median selling price was just over $ 2 million, up 60% from the previous year. The offer was 3.1 months for single-family homes listed on the Multi Listing Service.
In Fort Lauderdale, condo sales climbed 183% to 960 closings, while single-family home sales totaled 772, an annual jump of 127%.
The median price of condos rose 6.3% to $ 335,000, while the median price of single-family homes rose 57% to $ 606,000.
The offer fell to 2.2 months for condominiums and 1.5 months for single-family homes.
Palme West Beach
Condo sales in West Palm Beach posted more modest growth, increasing 78% to 756 closings in the second quarter. The median selling price of condos increased by 10% to reach $ 160,000.
Single-family home sales reached 707 closings, a nearly 66% jump from the second quarter of last year.
Inventory remained limited, with only 1.7 months of supply of condos and 1.1 months of supply of single-family homes in West Palm Beach.
On Palm Beach Island, where the surge in sales of upscale homes first felt during the pandemic, single-family home closings rose 90% to 57 closings in the second quarter. Condo sales jumped 269% to 192 closings.
The median selling price of single-family homes rose 16% to $ 8 million. For condos, the median selling price increased by almost 8% to reach just under $ 1 million.
The offer fell to one month for condos and to 1.3 months for single-family homes.