South Florida Housing Market Update | August 2021

Gloria Heck
Gloria Heck
Published on August 11, 2021
South Florida Housing Market Update | August 2021

The numbers that we have are from June 2021 housing market update. It is a wowzah, wowzah! Here’s where we are compared to last year. 

The average price for a single family homes in Broward county went up 27.7% from $390,000 in June 2020 to $498,203. 25% of sales were cash compared to 15.9% last year. Sellers are getting 100% of their asking price vs. lasts year there was room for negotiation with homes in the market are selling for 97% of their asking price. Homes are going on market and within 11 days of hitting the MLS they are pending, compared to last year it took 44 days. They are also closing faster, just 57 days compared to last years 90 days.  The main issue in the current market of course is inventory.  There was 41.2% less homes for sale vs. last year. In 2020 there were 4088 homes for sale and in June of 2021 there were just 2,405 homes for sale in the market.  There is 1.5 months of inventory and compared to 3.4 months last year.

For townhomes and condos there’s a better story. 

The average price for a condo/town homes went up 11.3% from $198,500 in June 2020 to $221,000. 52% of home sales were cash compared to 42% last year.  Sellers are getting 97% of their asking price vs. lasts year there was even more room for negotiation with homes in the market selling for 95% of their asking price. Homes are going on market and within 25 days of hitting the MLS, they are pending, compared to last year it took 67 days. They are also closing faster, just 70 days compared to last years 111 days.  The main issue of course is inventory.  There was 48.8% less homes for sale in the current market vs. last year. In 2020 there were 8000 townhome/condos for sale and in June of 2021 there were just 4,097 homes for sale.

South Florida Housing Market Update | August 2021

Let’s take a look at what’s happened in Miami Dade and Palm Beach Counties.  The average price for a single family homes in Miami and Palm Beach Counties is now $500,000, yes one half of a million dollars folks to live in paradise, they went up from $388,500 and $376,000 in Palm Beach county, that’s a 28.7% increase in Miami and 33% in Palm Beach.

Again, cash is king, with 25.9% of sales in Miami being cash, but that number is even higher in Palm beach with 44.1% of the single family home in the market is being purchased with CASH! Again, Sellers are getting 100% of their asking price. There is an inventory shortage in Miami Dade housing market with 2.2 months of supply and 1.8 months of supply in Palm Beach County down over 50% in both counties.

For townhomes and condos in Palm Beach and Miami Dade the number of sales went through the roof up 213% in Miami and 104% in Palm Beach, the average price in Miami is now $340,000 up 30% and $237,500 in Palm Beach up 16%.   Again, cash sales represented 49.4 % and 62.1 in Miami and Palm Beach. There is 5.1 months of inventory in Miami and 2.1 months of inventory in Palm Beach.

So that’s a look at what’s going on in this crazy market, if you’re a seller check out my video on maximizing your profits in this market and if you are a buyer check out my video on how to get your offer accepted in a seller’s market. 

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