How high will they go
The median retail price for single-family homes in Miami-Dade rose to an all-time high of $ 450,000 in November. This was the third month in a row that a new record was set and a nine-year streak of monthly increases continued.
According to the Miami Association of Realtors, median sales prices were up 23% year over year from November 2019 when the number was now nostalgically $ 385,000.
The median sales price of existing condominiums rose 10% year over year from $ 245,000 to $ 270,000 today.
Demand was just as high in Broward. The median sales price for single-family homes rose 13.3% year over year in November 2020, rising from $ 375,000 to $ 425,000. This corresponds to the record high of September 2020. Prices for existing condominiums in Broward rose 20% year over year. from USD 170,000 to USD 204,000 over the course of the year.
The total number of Miami-Dade home sales was 2,459, up 20% from November 2019. Total existing condominium sales increased 23% year over year from 1,061 to 1,305.
The percentage of cash sales fell from 35% in November 2019 to 29%, an indication that fewer overseas buyers are competing with local residents. But Miami-Dade still had the highest percentage of cash transactions in the US. The national percentage is 20%.
"The pandemic has prioritized the importance and value of our homes," Jorge L. Guerra Jr., chairman of the board of directors of the Miami Association of Realtors, said in a press release. "More than ever, home ownership has become the focus of our lives and consumers want more space and convenience. Remote working, home schooling, record-low mortgage rates, low inventory, and purchases from tax-burdened Northeastern homebuyers are just a few of the factors driving real estate in Miami promote. "
The rise in the number of home and condo sales has swept across all price ranges. Single-family homes priced between $ 400,000 and $ 600,000 rose 50.4% year over year to 352 transactions in November 2020. Existing condominium sales between $ 400,000 and $ 600,000 rose 68.3% to 138 transactions.
The growth in the luxury market was even more dramatic. Single-family home sales of $ 1 million and above increased 120.3% year-over-year to 163 deals in November 2020. Existing condominium sales of $ 1 million and above increased 88 year-over-year , 2%. up to 96 transactions.
In line with the high demand, the average number of days between listing and contract date for the sale of single-family homes was 23 days, a decrease of 57.4% compared to 54 days in the previous year. The median number of days between the listing date and the condominium closing date was 50 days, a decrease of 35.9% from 78 days.
Real estate agent Neal Oates, owner of Miami-based World Renown Real Estate, said speed is vital for buyers venturing into the Miami Grand Prix market.
"Go ahead and make a decision quickly when you see something you like," he said. "But you really should start working before you look at a property. Find out what a lender can afford and get pre-approved. Then all that's left to do is get the property approved."
The monthly inventory of single-family homes in Miami-Dade is just under 3.6 months (a healthy market should have a housing inventory of 6 to 9 months). New home registrations fell by 3% year-on-year from 1,438 to 1,393 in November. The scarcity is likely to drive up sales prices further.
Inventory for existing Miami-Dade condos declined 1.5% to 13 months, meaning the market is still buyer-driven. New registrations of condominiums rose by 4.4% from 2,005 to 2,094.