South Florida by the numbers: What a year for residential real estate

Miami /
Jan.January 31, 2022 10:30 AM

(iStock)

“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics.

Who remembers 2021? It’s been a while, but that sure was quite a trip around the sun! While the country faced enormous challenges with the Covid pandemic, inflation, and ever-widening political divides, Miami residential real estate broke record after record, and seemed to only grow stronger with each passing month. Domestic buyers fleeing high taxes and costs of living joined a re-invigorated pool of international buyers to create unprecedented levels of demand. While rock-bottom inventory and skyrocketing rents remain major problems to address, let’s take a moment to bask in the glory of 2021’s red-hot sales pace in this month’s “South Florida by the numbers.”

$30.3 billion

Total dollar volume of condo and single-family homes sold in Miami-Dade County during 2021, by far the highest in history, according to the Miami Association of Realtors. The volume of homes and condos sold also broke new records by unit count during the year.

4,837

Total number of South Florida condo sales of $1 million or more in 2021, a 166.4 percent increase from 2020, according to a Keyes/Illustrated 2021 Luxury Market Report. In Miami-Dade County alone, the number of $1 million condo transactions more than tripled, year over year.

430

In Miami-Dade and Broward counties, total number of $1 million-plus single-family home sales in 2021, including 262 in Miami-Dade and 168 in Broward.

365

Total number of 2021 “super prime” sales (over $10 million) in South Florida, according to the Serhant Year-End 2021 Signature Report. This breaks down to 107 super-prime sales in Palm Beach County (nearly doubling from 2020, with a median price of $18 million) and 258 in Miami-Dade (up 134.5% from 2020, with a median price of $15 million.) Combined, super-prime sales in Palm Beach and Miami in 2021 surpassed the number of sales in the three prior years combined.

259,480

Number of new Florida residents in 2021, representing the largest growth in homebuyer migration in the country. As Florida’s new residents seek housing, they’re snatching up available inventory and driving up home prices, putting locals in a precarious situation.

This column is produced by the Master Brokers Forum, a network of South Florida’s elite real estate professionals where membership is by invitation only and based on outstanding production, as well as ethical and professional behavior.


Related Articles

arrow_forward_ios
rendering of the Nautilus 220 condo project with Developers Daniel Kodsi of Royal Palm Companies and Peter Baytarian, managing partner at Forest Development (LinkedIn, Forest Development, VS Studios)
Forest Development, Royal Palm nab $269M condo construction loan
Forest Development, Royal Palm nab $269M condo construction loan
Kaufman's Michael Kaufman with 3185 South Congress Avenue (Kaufman, Google Maps)
Kaufman Lynn sells Delray Beach HQ for $10M, but firm won’t relocate
Kaufman Lynn sells Delray Beach HQ for $10M, but firm won’t relocate
Ilya Karpov with 3026 North Bay Road
Russian mogul Ilya Karpov buys waterfront North Bay Road home for $14M
Russian mogul Ilya Karpov buys waterfront North Bay Road home for $14M
Here are the resi projects planned for downtown Fort Lauderdale
Here are the resi projects planned for downtown Fort Lauderdale
Here are the resi projects planned for downtown Fort Lauderdale
5700 Sunset Drive, 19M
Sunrise investors buy South Miami retail building for $19M
Sunrise investors buy South Miami retail building for $19M
13th Floor's Arnaud Karsenti and Wexford's Joseph Jacobs and Philip Braunstein with rendering of The Residences of Palm Beach West (13th Floor Investments, Wexford Real Estate Investors, Arquitectonica)
13th Floor, Wexford propose 25-story tower in downtown West Palm
13th Floor, Wexford propose 25-story tower in downtown West Palm
Long Light Capital's Justin Korsant with 45 East Dilido Drive (Getty, Mike Ruiz)
Third time’s the charm: Waterfront Venetian Islands home flips for record $4,900 psf
Third time’s the charm: Waterfront Venetian Islands home flips for record $4,900 psf
IMC Equity's Yorham Izhak with Festival Flea Market
Festival Flea Market Mall in Pompano Beach to be replaced with warehouses
Festival Flea Market Mall in Pompano Beach to be replaced with warehouses
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...