Welcome to our residential real estate market review of the first 74 days of 2021. While the South Florida market was initially riddled during the spring of 2020 with steep sales declines and uncertainty brought about by COVID-19, it began shifting into high gear just weeks afterward -and it hasn't stopped since. The numbers simply defy what anyone could have predicted pre-COVID, particularly in the luxury markets.
The metrics, noted within this report, reveal a historically red-hot sales perid. For example, in Q1 2020, sales of single-family home pirced over $1 million represented 1 of every 12 homes sold in Miami-Dade County. for the first 2 1/2 months of 2021, 1 of ever 5 homes sold were in excell of $1 million. Million-dollar-plus condo sales during the same period in 2020 represented 1 of every 17 sales, compared with 1 of every 9 sales durin the first 2 1/2 months of this year.
Ths is not only good new for the residential real estate market, but also extremely positive for our overall economy - as many high-end home buyers, also represent the leadership of relocating companies, which are rapidly bringing higher-paying jobs to our communities.
As you review the number and graphs that we have captured from our South Florida Multiple Listing Service (MLS) data, you will also see sharp declined in our inventories and available remaining months of supply, which points to increasing home values for all sectors.
Hopefully, you will find this information to be helpful to you in planning your future real estate decision. Please feel free to call on mem or any of our 700+ managers or associates, if you would like to speak further about any of the information within these pages.
Sincerely,
Ron
Ron Shuffield, President and CEO
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