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The Lamacchia Realty South Florida Housing Report presents overall home sale statistics and highlights the average sale prices for single families, condominiums/townhomes in Broward County, Miami-Dade County, and Palm Beach County for August 2021 compared to August 2020. It also looks at other metrics like New Listings and New Pending Sales as they are often the best indicators for predicting future trends in the market.  2019 will be examined in some areas to highlight the lingering impact of COVID in real estate.

COVID-19 shutdowns were put in place in late spring last year, which subsequently negatively impacted closed sales in mid-summer of 2020.  That is part of the reason that we go back to 2019, so that we can get a better comparison.

The inventory crisis last year caused demand to spike higher than ever, which in turn caused prices to continue to increase significantly.  This rise has continued to present day without reason to expect they’ll decrease any time in the near future. 

Broward County

Broward County closed sales and pending sales are down year over year for single families, but every other category has increased. A slight increase in listings for both single families and condos/townhomes is a positive sign for buyers as this may help with selection. 

BROWARD COUNTYSINGLES 
 20202021
SALES16721625
AVG PRICE$528,622$688,512
NEW LISTINGS17961838
PENDING SALES18361751
BROWARD COUNTYCONDOS/TOWNS 
 20202021
SALES14171797
AVG PRICE$243,083$310,329
NEW LISTINGS20472069
PENDING SALES17521912

Miami-Dade & Palm Beach Counties

In August of 2021, Miami-Dade and Palm Beach Counties performed exactly the same as Broward County. Single family sales and pending sales are down, but every other category has increased year over year. 

MIAMI-DADE COUNTYSINGLES 
 20202021
SALES13571309
AVG PRICE$757,667$1,079,256
NEW LISTINGS16221666
PENDING SALES15921430
MIAMI-DADE COUNTYCONDOS/TOWNS 
 20202021
SALES11701990
AVG PRICE$419,487$565,293
NEW LISTINGS21342556
PENDING SALES15182092
PALM BEACH COUNTYSINGLES 
 20202021
SALES18141624
AVG PRICE$650,286$808,345
NEW LISTINGS18921706
PENDING SALES18261671
PALM BEACH COUNTYCONDOS/TOWNS 
 20202021
SALES12001448
AVG PRICE$305,311$357,724
NEW LISTINGS16351514
PENDING SALES12691499

What's Ahead?

We are seeing the market starting to move towards the other side of the post-covid frenzied market.  Sales are down year over year- as last year this time the real estate market was still trying to overcompensate for the shut down that happened in the spring.  This slight sway into normalization makes this the best time that buyers have seen in two years, and it will continue this balancing act into winter. The slight break in competition and with mortgage rates as low as they are, buyers are in a position to get homes at better prices now then they will be able to come spring, so be ready to strike now with updated pre-approvals in hand.

Once avoided, the market for Condo/Townhomes is now once again on the rise. In a similar fashion, those interested in purchasing a second home in the warmth, people who are potentially relocating full time, and now again, international buyers setting their sights on South Florida real estate are all seeing increases as people are more comfortable with the idea of traveling again. These signs of a more balanced market are likely to be seen through the rest of the year into the beginning of 2022.

 

*Data provided by Florida Realtors® SunStats

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