By Brian Bandell – Senior Reporter, South Florida Business Journal
Jul 26, 2021, 7:22am EDT
Home sales and prices grew at a torrid pace in South Florida in June, according to the Florida Realtors.
Single-family home sales were up 40.8% to 5,462 compared to the same month a year ago, when the start of the Covid-19 pandemic caused a dip in sales. The median sales price climbed 29.9% to $500,000.
Statewide, single-family home sales were up 23.6% while the median sales price increased 24.5%, numbers not quite on pace with South Florida.
South Florida condo/townhouse sales surged 144.3% to 6,746. The median sales price increased 22.6% to $269,700.
Throughout Florida, condo/townhouse sales were up 79.6% while the median sales price grew 22.4% to $256.945.
Florida Realtors Chief Economist Brad O'Connor said while buyers greatly outnumbered sellers for much of the year, the ratio of buyers to sellers is evening out.
"Florida's red-hot rate of home price growth could begin to cool down somewhat in the coming months, although that will also depend on whether interest rates start to trend higher again, as well,” O’Connor said. “For now, though, the numbers continue to astound.”
He also noted a big increase in all-cash deals and sales of luxury homes.
Miami-Dade County
In Miami-Dade County, single-family home sales increased 41.6% to 1,542 while the median sales price jumped 28.7% to $500,000. Active listings plummeted 42%, so the supply of inventory at the current sales pace fell to 2.2 months. Deals of $1 million and up soared 253.4%. That’s a seller’s market, with not much inventory for buyers to choose from.
Condo/townhouse sales in Miami-Dade spiked 212.8% to 2,515 while the median sales pace grew 29.8% to $340,000. Sales of $1 million-plus unit soared 614%. Active listings dropped 42%, so the supply of inventory at the current sales pace declined to 5.1 months. That’s slightly in favor of a seller’s market.
Broward County
Broward County sales of single-family homes climbed 37.3% to 1,803 while the median sales price increased 27.7% to $498,203, according to the Broward, Palm Beaches & St. Lucie Realtors. On the luxury market, sales of $1 million and up grew by 229.7%. Active listings fell 41%, so the supply of inventory at the current sales pace fell to 1.5 months.
Sales of condos/townhouse in Broward jumped 127.3% to 2,318 while the median sales price increased 11.3% to $221,000. Sales of units for more than $1 million spiked 341.2%. Active listings plummeted 49%, so the supply of inventory at the current sales pace declined to 2.4 months. That’s a seller’s market.
“June’s market stats show that the low inventory levels aren’t deterring prospective homebuyers from jumping into this red-hot market,” said Karen Johnson, president of Broward, Palm Beaches & St. Lucie Realtors. “Homes are going under contract as soon as they are listed; the median time to contract in June was an astonishing 11 days.”
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Palm Beach County In Palm Beach County, single-family home sales grew 43.2% to 2,117 while the median sales price jumped 33% to $500,000, according to the Broward, Palm Beaches & St. Lucie Realtors. For sales of $1 million and up, the increase was 165%. Active listings fell 36.2%, so the supply of inventory at the current sales pace dropped to 1.8 months. Condo/townhouse sales in Palm Beach more than doubled with a 104.2% increase to 1,913 while the median sales price grew 15.9% to $237,500. Sales of $1 million-plus units jumped 262.9%. Active listings declined 49%, so the supply of inventory at the current sales pace fell to 2.1 months. That’s a seller’s market.