Anyone involved in the South Florida real estate market, whether as a buyer, seller, or agent, has seen the strength of the real estate market in 2021. Properties have been trading at higher prices than ever and with faster transaction closing rates than seen in recent years. To further illustrate the bull year that South Florida real estate has had, the Miami Association of Realtors recently published a thorough report detailing the state of the market. A hugely illustrative point described in the report is that the Miami Dade real estate market broke its annual total sales record this year. The truly amazing point, however, is that it broke it in only the first ten months of the year!
The previously held record for Miami Dade was 30,041 real estate transactions - single family and condo - which was reached back in 2013. Between January and October of 2021, total sales in Miami reached 32,940. This represents a 9.7% increase over the previous record, and in two fewer months! As year end calculations come, including numbers from November and December, this is likely to increase.
This example from Miami Dade County serves as a great example of what is being seen throughout the rest of South Florida, including Monroe County. Despite the inventory shortage, there were 50% more Florida Keys real estate transactions in the first three quarters of 2021 than in 2020. Homes are selling around 28% faster this year as well. These numbers do not even take into account the high season around the end of the year!
Industry experts have several explanations for the surge in home sales. Remote work makes it favorable to live in Florida, where workers can enjoy our weather and vistas year round. Nationally, second home sales are up hugely in 2021, and South Florida is always a favorite locale for purchasing a vacation home. Additionally, Florida has had a massive influx of business and industry this year, bringing huge numbers of new residents.
It is anticipated that sales will continue to thrive through the end of the year. We look forward to seeing what 2022 will bring!