Miami-Dade County’s ultra-luxury real estate market, comprised of single family homes and condos that have sold for $10,000,000+ remained highly active in Quarter 2 of 2021 when compared to the same quarters of 2020 and 2019.
The easiest statistic to look at and understand the strength of the $10,000,000+ market during Q2 2021 is total sales. For single family homes of this caliber, sales were up 920% versus 2020 and 2019. In both of those years, 5 homes sold in Quarter 2, while a whopping 51 $10,000,000+ homes sold in 2021. Condominium numbers are similarly eye opening with 28 sales in Q2 2021 and 4 and 3 during the same quarter of 2020 and 2019, respectively.
The available supply of ultra-luxury single family homes and condos is another excellent marker of how busy this high-end market is. Single family homes are at an 8.3-months’ supply in 2021, whereas that number had hovered between 78 and 82 months in the previous two years’ second quarters. The supply of condominiums is down by just shy of 83% in 2021, with 11.7 months of supply, as opposed to the previous two second quarters, which both had just over 86 months’ worth.
Inventory, which is the number of homes for sale in the MLS, and median price are two more market indicators. Single family home inventory is down in 2021, but the number of available condos at $10,000,000 is up in 2021 as compared to 2020 and 2019. I believe that the inventory discrepancy is because fewer ultra-lux homes are being built, but there are a number of very high-end condo developments that are going up at the moment. Looking at the median price of closed sales, that number is down 13.7% and 23.2% in 2021 compared to 2020 and 2019. I do think that if we had a more detailed breakdown of this very high-end market, then those numbers might adjust a bit – there have been a number of sales in the $20,000,000+ range that could probably utilize their own price bracket for analysis! Condos are not experiencing that drop in median prices, and those numbers are actually up in Quarter 2 of 2021.
Miami-Dade’s ultra-luxe market has continued to shine in the second quarter of 2021 and, in real estate terms, remains a strong seller’s market. I am definitely excited to see how the rest of this year plays out!
If you would like to read more about the Q2 2021 real estate market across South Florida, then head to https://www.ewm.com/lp/insight/ to check out Insight Q2 Real Estate Outlook. I promise you that it is a great and, well, insightful read.
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