South Florida residential sales rose again in June, with Miami-Dade posting 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 area for months, as more buyers migrate from high-tax states and borrowers take advantage of low interest rates, which reduces stocks. The result is a vendor market in Miami-Dade, Broward and Palm Beach counties.
In June, the dollar sales volume for the three counties totaled more than $ 8 billion, compared to nearly $ 7 billion in May. The increase was driven by luxury sales.
Median prices also continued to rise, reaching $ 500,000 for single-family homes in the area.
Total Miami-Dade home sales climbed 114% in June, year-over-year, to 4,057. Condo sales jumped the most, up 213% to 2,515 closings . Sales of single-family homes increased 42% to 1,542.
Luxury sales, defined as those above $ 1 million, posted even larger gains. Sales of single-family homes jumped 253% to 311 sales. Condo sales climbed 614% to 307 transactions compared to June 2020.
As a result, dollar sales volume jumped to $ 3.1 billion, increasing 121% year over year to $ 1.5 billion for single-family home sales and 376% 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 sellers’ market.
The prices continued to climb. The median single-family home was priced at $ 500,000, an annual jump of 29%. The median price of condominiums increased 30% to $ 340,000.
Broward’s total home sales increased 77% to 4,121 sales. Single-family homes accounted for less than half of the closings, increasing 37% to 1,803. Condo sales increased 127 percent to 2,318.
In the luxury sector, sales of single-family homes jumped 230% year-over-year to 244 sales. Condo sales jumped 341% to 75 closings.
Total dollar sales volume of single-family homes totaled $ 2 billion, with condominium dollar volume increasing, up 196% to $ 714 million. The dollar volume of single-family homes rose 98% to $ 1.3 billion.
Inventories fell to 1.5 months for single-family homes and to 2.4 months for condos, indicating a sellers’ market also in Broward.
Median single-family home prices rose 28% to about $ 498,000, while condo prices rose 11% to $ 221,000.
Residential sales in Palm Beach County jumped 67% in June to reach 4,030 closings. Single-family home sales increased 43% to 2,117, while condo sales increased 104% to 1,913.
Luxury single-family home sales soared 165% to 379 closings, while luxury condo sales jumped 263% to 127.
The total sales volume of single-family homes reached $ 2.9 billion. The dollar volume of single-family homes rose 119% to $ 2.2 billion. Condo dollar volume climbed approximately 175% to $ 783.6 million.
Inventories fell to 1.8 months for single-family homes and to 2.1 million for condos.
Median single-family home prices in Palm Beach County rose 33% year-over-year to $ 500,000. Condominium prices rose 16% to $ 237,500.