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Miami Breaks Home Sale Record

08.12.21

Miami Realtors are reporting this week that Miami-Dade County real estate broke its record for the most annual home sales in only 10 months as October 2021 transactions surged year-over-year, Abode2 luxury property magazine reports.

The red-hot market, which set its all-time annual condo sales record last month, has two more months to push its many 2021 records even higher and build on others as Miami's all-time annual single-family home sales record is poised to be broken next month.

Miami-Dade County total home sales rose 8.8% year-over-year in October 2021, from 2,737 sales to 2,978. Miami single-family home transactions decreased 12.4%, from 1,326 to 1,161 because of lack of inventory and Covid19 comps (stats are in comparison to major rebound demand last year). Miami existing condo sales increased 28.8%, from 1,411 to 1,817.

Year-to-date, Miami has registered 32,940 existing total homes sales in 10 months, which surpasses the previous annual record of 30,041 transactions in the entire year of 2013, an increase of 9.7%.

"Miami home sales were rising before the pandemic, but the expansion of remote work has accelerated the demand for Miami real estate," MIAMI Chairman of the Board Jennifer Wollmann said. "If you can work from anywhere, why wouldn't you want to live where you can be outside 365 days a year? Why wouldn't you want to live in a region that is attracting many tech and financial firms with high-paying jobs, a city with the most international flair, a news-making culinary scene, world-class shopping and more?"

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