South Florida residential sales rose dramatically in the second quarter compared to the same period of 2020, in part reflecting the slowdown during the pandemic.
After the market came to a halt early on in the pandemic, single-family sales soared last year, eventually reaching new records throughout the tri-county region. Condo sales bounced back later, which explains the much greater year-over-year increases for condo closings in the second quarter, according to Douglas Elliman’s reports, which are authored by Jonathan Miller of Miller Samuel.
On the coastal Miami mainland, which includes Aventura, Brickell, Coconut Grove, Palmetto Bay, Pinecrest and South Miami, condo sales climbed 216 percent, while single-family home sales rose 70 percent.
Meanwhile, as a result of the constant stream of sales over the past several months, inventory and months of supply fell across South Florida.
In coastal areas of Miami-Dade, total residential sales rose 133 percent to 6,219. Single-family home sales increased by 70 percent to 2,589 closings, while condo sales surged to 3,630 closings, a 216 percent year-over-year jump. Condo sales had slowed this time last year due to the shutdown.
The median sale price of condos rose by 18 percent to $325,000, with about 3.2 months of supply. For homes, the median price grew by 32 percent to $550,000, with about 1.7 months of supply.
In Miami Beach and the barrier islands, which includes Bal Harbour, Bay Harbor Islands, Fisher Island, Golden Beach, Indian Creek, Key Biscayne, North Bay Village, Sunny Isles Beach and Surfside, residential sales climbed to 2,393, a 378 percent annual jump.
Condo sales skyrocketed by 406 percent to 2,101. The median sale price for condos increased by nearly 50 percent to $540,000. Supply fell to 4.6 months by the end of the second quarter, not including preconstruction condos.
Single-family home sales grew by 240 percent to 292 closings. The median sale price was just over $2 million, up 60 percent year over year. Supply totaled 3.1 months for single-family homes listed on the Multiple Listing Service.
In Fort Lauderdale, condo sales climbed 183 percent to 960 closings, while single-family home sales totaled 772, a 127 percent annual jump.
The median price of condos grew by 6.3 percent to $335,000, while the median price for single-family homes increased by 57 percent to $606,000.
Supply fell to 2.2 months for condos and 1.5 months for single-family homes.
West Palm Beach
Condo sales in West Palm Beach showed more modest growth, increasing 78 percent to 756 closings in the second quarter. The median sale price for condos grew by 10 percent to $160,000.
Single-family home sales rose to 707 closings, a nearly 66 percent jump compared to the second quarter of last year.
Inventory remained limited, with just 1.7 months of condo supply and 1.1 months of single-family home supply in West Palm Beach.
On the island of Palm Beach, where the surge in high-end home sales was first felt during the pandemic, single-family closings rose 90 percent to 57 closings in the second quarter. Condo sales jumped by 269 percent to 192 closings.
The median sale price for single-family homes rose 16 percent to $8 million. For condos, the median sale price increased nearly 8 percent to just under $1 million.
Supply fell to one month for condos, and 1.3 months for single-family homes.