Luxury resi sales keep soaring in South Florida at start of 2021

South Florida’s total residential sales continued to rise in January, but at a slower pace than in previous months, due in part to a decline in inventory.

At the same time, luxury sales kept booming in Miami-Dade, Broward and Palm Beach counties, according to the Miami Association of Realtors.

Residential sales have benefitted from the migration of buyers from the Northeast, California and other high-tax regions to South Florida since the summer.

Across the tri-county region, sales dollar volume totaled nearly $3.9 billion, reflecting double-digit increases in each county.

Miami-Dade County

In Miami-Dade, residential sales increased 19 percent year over year to 2,211 closings, thanks to a jump in condo sales. Single-family home sales rose 9 percent to 968, and condo sales surged 28 percent to 1,243. (In December, single-family home sales increased by about 17 percent.)

Luxury single-family home sales climbed 114 percent to 167 closings, and luxury condo sales skyrocketed by nearly 131 percent to 113 closings.

Overall, single-family sales dollar volume jumped 86 percent to $879.2 million. Condo dollar volume increased 69 percent year-over-year to $667.1 million.

The median single-family home price rose to $469,500, a more than 25 percent annual increase. The median price of a condo increased 14 percent to $280,000.

As a result of the months-long boom in single-family home sales, inventory has taken a hit. Single-family inventory fell by 46 percent to 3,401 listings. Condo inventory decreased by 15 percent to 12,608.

Broward County

Total home sales in Broward County rose by 19 percent to 2,416. Single-family home sales increased 18 percent year-over-year to 1,154. Condo sales increased about 20 percent to 1,262.

Luxury single-family homes experienced a nearly 51 percent annual jump, to 92 sales in January. Luxury condo sales were up 68 percent for a total of 30 closed sales last month.

Single-family sales dollar volume jumped 35 percent to $645.8 million. Condo sales volume increased 36 percent to $348.1 million.

Inventory of single-family homes in Broward decreased by 48 percent to 2,656 last month. Condo inventory fell by 13 percent to 7,021 listings.

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The median single-family home price was $420,000, a 12 percent increase compared to January of last year. The median condo price rose 23 percent to $209,000.

Palm Beach County

The percentage increase in home sales in Palm Beach County fell into the low single-digits at the start of 2021. Residential sales rose only 4 percent to 2,073 closings. Single-family home sales accounted for 1,154 of those, increasing 5.5 percent, year over year. Condo sales grew by nearly 3 percent, to 919 closings.

Yet, luxury single-family home sales jumped nearly 54 percent to 157 sales, and luxury condo sales rose nearly 43 percent to 60 sales.

Single-family sales dollar volume climbed 47 percent to $979.9 million. Condo dollar volume increased 20 percent to $356.6 million.

Inventory of single-family homes decreased 46 percent in January, to 3,446 listings. Condo inventory decreased 18 percent to 5,045 listings.

The median single-family home price came out to $422,000, a 16 percent jump. The median condo price increased 12 percent to $218,900.