South Florida residential sales soar to $8B in June, led by luxury buys

South Florida’s residential sales soared again in June, with Miami-Dade reporting triple-digit annual gains, according to reports from the Miami Association of Realtors.

The huge annual increases are in part due to lower sales last June during the pandemic.

Single-family home and condo sales have been on the rise in the tri-county region for months, as more buyers migrate from high-tax states and borrowers take advantage of low interest rates, leading to less inventory. The result is a seller’s market in Miami-Dade, Broward and Palm Beach counties.

In June, sales dollar volume for all three counties totaled more than $8 billion, up from nearly $7 billion in May. The increase was spurred by luxury sales.

Median prices also continued to rise, reaching $500,000 for single-family homes across the region.

Miami-Dade

Total home sales in Miami-Dade soared 114 percent in June, year over year, to 4,057. Condo sales experienced the biggest jump, up 213 percent to 2,515 closings. Single-family home sales rose 42 percent to 1,542.

Luxury sales, defined as those over $1 million, showed even greater gains. Single-family sales jumped 253 percent to 311 sales. Condo sales skyrocketed 614 percent to 307 transactions compared with June 2020.

As a result, sales dollar volume surged to $3.1 billion, increasing 121 percent year over year to $1.5 billion for single-family home sales, and climbing 376 percent to $1.6 billion for condo sales.

Inventory fell to 2.2 months for single-family homes and 5.1 months for condos, indicating a seller’s market.

Prices continued to climb. The median single-family home was priced at $500,000, an annual jump of 29 percent. The median condo price increased by 30 percent to $340,000.

Broward

Broward’s total home sales rose 77 percent to 4,121 sales. Single-family homes accounted for less than half of the closings, increasing 37 percent to 1,803. Condo sales grew by 127 percent to 2,318.

In the luxury sector, single-family sales jumped 230 percent year over year to 244 sales. Condo sales soared 341 percent to 75 closings.

The total sales dollar volume for single-family homes totaled $2 billion, with a surge in condo dollar volume, up 196 percent to $714 million. Single-family dollar volume was up 98 percent to $1.3 billion.

Inventory declined to 1.5 months for single-family homes and 2.4 months for condos, pointing to a seller’s market also in Broward.

Median single-family home prices rose 28 percent to about $498,000, while condo prices increased 11 percent to $221,000.

Palm Beach

Residential sales in Palm Beach County jumped 67 percent in June to 4,030 closings. Single-family home sales increased 43 percent to 2,117, while condo sales rose 104 percent to 1,913.

Luxury single-family home sales climbed 165 percent to 379 closings, while luxury condo sales surged 263 percent to 127.

The total single-family sales dollar volume reached $2.9 billion. Single-family dollar volume rose 119 percent to $2.2 billion. Condo dollar volume soared about 175 percent to $783.6 million.

Inventory dropped to 1.8 months for single-family homes and 2.1 million for condos.

Palm Beach County median single-family home prices rose 33 percent, year over year, to $500,000. Condo prices increased 16 percent to $237,500.