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Insight Q2 2021: Single-Family Homes In South Florida Are Still A Key Focus

Single-Family Home in Insight Q1 2021 Report
Photo Credit: R Architecture

Suburban Areas Continue To See An Epic Increase In Home Sales

While there are clear signs of renewed life in New York City’s residential real estate market, the Connecticut suburbs continue to be wildly popular — with a continued migration out of heavily populated urban centers in New York City, Boston and beyond. Even as workers begin to re-enter the workplace in an in-person capacity, no doubt that for many, the flexibility of remote work is here to stay. This has dramatically altered commutes, allowing for longer distances between work and home for individuals who will not have to be physically in their office every day. 

In South Florida, with its lack of buildable land, the ‘preferred escape’ has been single-family homes, a trend that continued into Q2 2021. The overall inventory of single-family homes as of June 2021 was a staggering 1.7 months of available supply in Miami-Dade, and 1.1 in Broward — reductions in year-over-year inventories of 46% in Miami-Dade and 49% in Broward. 

Yet now, condos aren’t far behind. The number of months’ supply for all prices of condos in Miami-Dade County was 3.7 months in Q2 2021, and 1.9 months in Broward.  The reductions in year-over-year months of supply comparisons were very dramatic – an 82% drop in Miami-Dade, where there were 20.1 months of supply a year ago and in Broward, where last year’s supply was 8.7 months, a drop of 78% to today’s level. The drive behind the eye-catching drops in the months’ supply of condos was the sharp increases in sales – 235% more Miami-Dade units closed in Q2 2021 than in Q2 2020 and 143% more closed units in Broward during the same period.

Of course, these increases are also reflected in the median sales price, which is now $505,000 for a single-family home in Miami-Dade, up from $380,000 in Q2 2020 — a 33% increase — and $340,000 for a condominium vs. $260,000 in Q2 2020, a 27% increase.

In Broward, the median sales price of a single-family home was $475,000 in Q2 2021, up from $385,000 in Q2 2020 — a 23% increase — with the median sales price of a condo at $218,000 compared to $184,000 a year earlier, an increase of 19% for the year-over-year comparison.

The surge in sales, as previously noted, is not simply because of Q2 2020’s pandemic shut-down. Compared to Q2 2021 vs Q2 2019, the number of single-family home sales across all price points in Miami-Dade increased 15%, while condominiums increased 77%, with the $1 million+ market experiencing the greater increases in the number of unit sales over the same time period, 243% in single-family home sales and 252% in condo sales.

Broward County saw increases of 10% in the sale of single-family homes Q2 2020 vs Q2 2019, and 38% in condominiums.  As in Miami-Dade, the dramatic increases were in the $1 million+ market, with year-over-year increases of 204% in the sale of single-family homes, and 213% in condos.

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Our Associates write often to give you the latest insights on owning a home or property in the Southeast Florida area.