1Q 2021 Miami’s Luxury Residential Market Update

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.

Luxury $1M+

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.

Ultra-Luxury $5M+

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.

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