Miami luxury home sales spike by 346 percent while condos sale up to 240 Percent year-over-year in Q2 2021
The Miami Association of Realtors, Miami-Dade County real estate, has set a record for its most total home sales in the second quarter of 2021. This was occasioned by California tech and Wall Street firms causing and employees to relocate to South Florida at an increasing scale in 2021.
Chairman of the Association in Miami, Jennifer Wollmann, said that Miami real estate sales were rising before the pandemic, and the pandemic only accelerated the demand for luxury live, work and play lifestyle.
Miami-Dade County total home sales surged 142.4% year-over-year, from 4,766 to 11,553. Miami single-family home transactions rose 66.9%, from 2,688 to 4,486. Miami single-family homes have now posted year-over-year sales gains in eight of the last nine quarters, a span of two-plus years. Miami existing condo sales increased 240.1%, from 2,078 to 7,067.
Jennifer added that Miami real estate continues to break records as more Northeastern and West Coast homebuyers and tech and finance companies relocate here,
“Many of today’s buyers are making South Florida their primary home, which is important because these full-time residents boost, impact and diversify many sectors of our economy”, she said.
This is the best quarterly selling month since MIAMI began tracking stats in 1993. Transactions also show strong gains when comparing 2Q 2021 to 2Q 2019. Miami total home sales jumped 46.9% when comparing 2Q 2019 to 2Q 2021, from 7,861 to 11,553 transactions. Condo sales (up 76.3%) and single-family home sales (up 16.4%) rose from 2Q 2019 to 2Q 2021.
Miami-Dade County single-family home luxury ($1-million-and-up) transactions surged 346.4% year-over-year to 942 transactions in 2Q 2021. Miami-Dade County condo luxury sales increased 651.6% to 917 transactions in 2Q 2021.
With global vaccinations rising and unstable political situations around the world, South Florida is seeing an increase in foreign homebuyers. Global buyers are also coming here for the vaccine and purchasing property. Global buyers purchase in Miami because Miami is a world-class global city with better real estate prices than other similar global cities. Foreign buyers feel at home with an incredible diversity and acceptance of all cultures.
