After Years of Excess Inventory, The Condo Market Is Now A Sellers’ Market
The number one buyer of condominiums in South Florida has traditionally been the international vacation homeowner or investor, particularly in the $1 million+ market. With international travel slowing to a trickle over the past 18 months due to the pandemic, one would have thought that sales in this sector would have come to a halt. Yet, nothing could be further from the truth.
Condominium sales across all points are surging. Where at one point only a few years ago, there were literally more than four years of supply in the $1 million+ condo market, as of Q2 2021, there were 6.5 months of supply in Miami-Dade County for luxury condos, and 4.9 months of supply in Broward.
“Our South Florida condos have largely been purchased by international buyers, but now we are seeing a tremendous amount of demand from buyers across the country.”
— Ron Shuffield, President & CEO of Berkshire Hathaway HomeServices EWM Realty
In Miami-Dade, total condominium sales for Q2 2021 in the $1 million+ market increased 648% vs Q2 2020, and 252% from Q2 2019. The numbers in Broward County are equally compelling, a 384% increase for Q2 2021 vs Q2 2020, and a 213% increase compared to Q2 2019.
And while sales are booming across all price points in the condominium arena, there are still many opportunities, particularly as the Millennials and Gen Z generations are now increasingly seeing condos as a starter home. Areas in both Miami-Dade and Broward that may be outside the true urban core – such as the Dadeland corridor in Miami-Dade and the Sunrise area in Broward – present excellent opportunities for first-time buyers.