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 January 2021 compared to January 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. This month’s report will be unlike years’ past due to the lingering effects of COVID and the massive amount of home sellers that didn’t list last year.
Broward County single families saw an 18.2% increase in the number of homes sold in January 2021 when compared to January 2020. There were 976 sales last January compared to 1,154 in January of 2021. Condos/townhomes sales increased by 19.6% now at 1,262 by 1,055.
Prices for single families increased by 22% moving from $491,479 to $599,634- a $108,155 increase year over year. Condo/townhome prices increased as well, by 13.9% now at $275,826 from $242,200.
There was a decrease in new listings for single families, moving from 1,863 to 1,712 in January ‘21, an 8.1% decline. Condos/townhomes decreased by 10.2% now at 2,165 from 2,410 in January 2020.
Pending single family sales contrarily increased by 21.1% now at 1,759 from 1,452 and pending condo/townhome sales increased by 21.5%, now at 1,979 from 1,629. With fewer new listings and more pending sales, inventory is being consumed faster than it’s being added to supply.
Miami-Dade County single family sales increased by just over 9% with 968 sales in January 2021 over 887 sales in January 2020. Condos/townhomes increased by 28.1% moving from 970 sales in January 2020 to 1,243 in January 2021.
Average prices increased for single families and condos/townhomes by 70.8% and 32.2% respectively for Miami-Dade County. The giant leap in prices for singles is likely due to a more high-end luxury sales which swayed the price increase higher than what the rest of South Florida exhibited.
Listings decreased for single families by 13.7% and increased by 1.3% for condos/townhomes. January 2021 had 1,541 new listings compared to 1,785 in January 2020 and 2,500 new condo listings in January 2021 compared to 2,468 in January 2020.
Pending sales increased for single families by 16.8% with 1,559 in January 2021 and 1,335 in January ’20. Condos/townhomes increased by 42.4% for pending sales moving from 1,367 to 1,947. Same as Broward County, more pending sales than new listings is what is perpetuating the tight market.
Palm Beach County
Palm Beach County exhibited similar patterns to Broward and Miami-Dade Counties in that sales are up, prices are up, listings are down overall, and pendings are up. Single family sales are up by 5.5% now at 1,154 from 1,094 and condos/townhomes are up 2.7% now at 919 from 895 in January 2020.
Average prices for single families and condos/townhomes are up by 39.3% and 16.6% respectively. Single family prices are now averaging $849,145 from $609,770 and condos/townhomes are now averaging $388,033 from $332,928.
Listings are down by 13.3% for single families and 11.3% for condos/townhomes. There were 1,853 homes listed in January 2021 for singles compared to 2,137 and there were 1,823 new condo/townhome listings compared to 2,055 in January 2020.
Pending sales increased for single families by 3.5% now at 1,777 compared to 1,717. Condo/townhome pending sales increased by 14% moving from 1,441 to 1,643 in January 2021.
Very much like the rest of the country, fewer homes are being listed year over year, sales are still increasing, and inventory is becoming tighter and scarcer which will continue to drive prices up. We are likely to see the same trends until the vaccine has been out longer and transactions from out of state buyers and sellers kick back into gear. Sellers have the upper hand, so anyone who is thinking of selling should. Not only will that put more money in seller’s pockets as buyer competition is high, but it’ll help the market by alleviating the pressure on inventory.