Real estate hits new highs in Miami-Dade and Broward. Here’s what a house costs now
After a momentary chill, South Florida home prices heated up again in March, hitting historical highs as prices continue to climb rapidly from month to month.
In Miami-Dade County, the median sales price for a house rose to $491,250 in March 2021, up by 9% from the prior month, which had a median sales price of $450,000 in February, according to the latest Miami Realtors Association sales report. Condo prices rose as well to $305,000, up from $300,000 in February.
Broward also hit a record with a median sales price for a house at $445,000, up from $433,000 in February. Condo prices rose as well, from $200,000 in February to $210,000.
Miami-Dade
Over the past year, the median price of a single-family home has risen more than 28%, from $382,750 in March 2020 to $491,250. Aside from a slight dip in February, median sales prices have risen every month since June 2020.
“Miami is a multicultural, world-class city in a tax-friendly state, and home buyers in tax-burdened states have pent-up demand to live, work and play here,” said Jennifer Wollmann, Miami Chairperson of the Miami Realtors Association, via a release. “Low mortgage rates, the increased availability of remote work, relocating companies, Miami’s advancements as a global center for technology and finance, and increased interest from international buyers have all played a role in rising home sales.”
The total number of sales grew by 61.5% year over year, from 2,323 in March 2020 to 3,751 in March 2021. Single-family home sales rose by almost 41% from March 2020, when the pandemic lockdown began. The county now has only a 2.4-month supply of houses. Six-to-nine months of inventory is considered a balanced supply.
With inventory so tight, sellers are able to get what they asked. Houses closed at 97.3% of the asking price, up year over year from 96.1%.
The number of condo sales leapt by 80% year-over-year. Condos closed at 94.5% of asking price, slightly higher than last year’s 94%. Miami-Dade now has 8.7 months of condo supply.
Cash buyers comprised 36.2% of total sales, up from 32.4% in March 2020. The percentage of all-cash buyers was well above the national figure of 23%.
Broward
In Broward, prices have grown more gradually than in Miami-Dade. The median sales price of a Broward house increased year over year by 14%, from $390,000 in March 2020 to $445,000. The median sales price of a condo rose by 16.7%, from $180,000 in March 2020 to $210,000 in March 2021.
The total number of residential sales surged by 41.8%, from 2,835 in March 2020 to 4,021 in March 2021. Single-family home sales grew by more than 39% and by 44% for condos. Broward has 1.6 months of supply of single-family homes and 4.1 months of condos.
Houses closed at 98.5% of the asking price, up year over year from 96.3%. Condos closed at 95.7% of asking price, higher than last year’s 94.6%.
Cash buyers comprised 37.2% of total sales, up from 35.9% in March 2020. The percentage of all-cash buyers was well above the national figure of 23%.
This story was originally published April 23, 2021 at 7:00 AM.
