1Q 2021 Luxury Residential Statistics for Miami-Dade County
The forecast for Miami-Dade County’s luxury residential market including both condominium and single-family homes continues with high optimism — reasons for the bullish position here now in the Sunshine State have to do with outstanding tax strategies/advantages, the beautiful climate, a better way of life, and an open state with freedoms reigning. Ultra-low interest rates and the ability for many to work from home are evident here but equate Nationwide for the current housing market boom.
Exceptional value (& views) is also noted here in South Florida in contrast to other metro areas as we see in the chart(s) below. From the inventory run up on both condos and homes since late-2015 combined with the pre-construction cycle glut, the selection today is still quite good. In contrast and with all things relative, today’s dwindling inventory selection combined with significant buyer activity will likely show us a stronger price appreciation and fewer options in the months ahead — bidding wars and multiple offer scenarios escalate on premier condos and homes. New release pre-construction towers are selling out fast and yet years down the pipeline from delivery.
Florida has opened up a golden opportunity this year just like we experienced back in 2010 for luxury condo and home sales. An influx of new residents into South Florida from top-tier locations like New York, New Jersey, Chicago, and California are fueling Miami’s residential sales and with this aggressive market shift, condos and homes are much larger and far better suited for a primary residence.
There were 542 contracts above $1 Million in Miami-Dade County that closed last month. These new property deals brought the total luxury sales for 1Q 2021 to 1260. This figure is a 70% increase in comparison to the same 1Q period in 2019 when 373 properties went into contract during the first quarter. – 1Q 2019 STATS Blog Post
How fast to sell?
The number of days on the market (DOM) decreased to 96 days to sell.
Additionally, the price per square foot was up to a median figure of $671 per square foot or a 9% increase over 2019’s first-quarter price per square foot of $609 psf.
The median sale price per square foot for single-family homes priced >$1M during the first quarter of 2021 is $803 psf and for condos, $571 psf.
There were 68 contracts above $5 Million in Miami-Dade County closed last month. These new deals brought the total luxury sales for 1Q 2021 to 155. This is a 71% increase in comparison to the same 1Q period in 2019 when 45 properties went into contract.
How fast to sell?
The number of days on the market (DOM) decreased to 105 days (3.5+ months) down from 223 days in 2019.
Additionally, the price per square foot was up to a median figure of $1,735 per square foot or a 30% increase over 2019’s first-quarter price per square foot of $1,223.
The most valuable sales this first quarter were noted at 29 Indian Creek Island Road trading at $6,493 psf per square foot or $27.9M and an estate home at 5800 North Bay Road trading at $3,556 per square foot or $39.250 Million.
The median sale price per square foot for single-family homes priced >$5M during the first quarter of 2021 is $1,439 psf and for condos, $1,964 psf.
Whether you’re seeking an amazing trophy home, a remodeled condo, a Miami penthouse for sale, off-market & investment opportunities, or simply relocation assistance for your family or team, I’ll have it customized and ready for you – contact me here, and let’s discuss your ideas and vision for South Florida residential real estate.
Stop Searching. Start Living.
Let’s talk #888.38.DREAM or contact me for a curated property list of new residential opportunities matching your wants & needs here in South Florida.
Let’s Connect On…
Be sure to join the VIP group for monthly market insights, South Florida news, and exclusive coastal properties; covering South Beach, Miami Beach, Sunny Isles Beach, Aventura, Bal Harbour, Bay Harbor Islands, Surfside, Miami Shores, Hollywood, Brickell, Downtown, Wynwood-Edgewater-Midtown, Key Biscayne, Bay Harbour Islands, Coconut Grove, Coral Gables, and coastal Fort Lauderdale (East of US1).
You have ONE life to live. You should expect the most from it. As you create your life’s legacy—through friendships, family, and professional accomplishments—you need partners on the journey who take the time to know and understand you and your goals. Professionals who seek to find the perfect place where your dreams can live and take shape in all that surrounds you, inspires you and reflects your values. At ONE Sotheby’s International Realty, that is what inspires our mission: to give extraordinary lives a home to thrive. – OnlywithONE
Your Vision is Our Inspiration.
I’m connected with the world’s best luxury real estate brand and a vast global network of friends & colleagues who offer a bespoke experience wherever you are in the world. Locally, I offer the very best in real estate knowledge and client services as a master broker-associate with the leading firm, ONE Sotheby’s International Realty. Why Sotheby’s? Because of the brand heritage, prestige, their propensity for perfection, and quite simply, the immense global reach in curating luxury goods and real estate. Since 2002, I’ve been successful in the South Florida residential market with knowledge, experience, and white-glove service that consistently exceeds expectations.
Technology & Resources.
The Miami Beach Real Estate Blog is an excellent resource for Southeast Florida residential real estate data, trends, and property information. South Florida’s population influx is an important factor in assisting our growth and resilience so check back often to uncover more about South Florida real estate opportunities and trends.
- ONE Sotheby’s & Ashton Coleman, P.A.
- Jade Beach, Jade Ocean & Jade Signature
- What’s My Home Worth Today?
- Marketing Your Property by Ashton Coleman
- Sotheby’s Marketing Presentation
- ONE Sotheby’s International Realty | Marketing Affiliates
- Client Reviews
- Sotheby’s International Realty History/Overview
- Sotheby’s – An Overview and the Auction House
- ONE Sotheby’s International Realty History/Overview
An ALEXA Flash Briefing is now on Miami’s Residential Real Estate – if you’d like to hear reports from Amazon Alexa, simply enable and I’ll deliver the relevant news simply by asking for the latest news or flash briefing!
Who You Are
You are a client – not a customer:
- Clients are under the protection of another.
- Customers purchase a commodity or service.
Knowledge is protection. As a client, you can expect confidentiality but also risk assessment with fully accurate information that you will understand, implement, and use to build your net worth.