MIAMI — Miami-Dade County total home sales surged in November 2020 as strong pent-up demand and record-low mortgage rates fueled transactions, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
Miami-Dade County total home sales jumped 20.9% year-over-year, from 2,033 to 2,459. Miami single-family home sales jumped 18.7% year-over-year, from 972 to 1,154. Miami existing condo transactions increased 23% year-over-year, from 1,061 to 1,305. Miami single-family home sales have now posted double-digit, year-over-year increases for four consecutive months and Miami existing condos have posted transaction gains for three straight months.
“The pandemic has prioritized the importance and value of our homes,” MIAMI Chairman of the Board Jorge L. Guerra Jr. said. “More than ever home has become the focal point of our lives, and consumers want more space and convenience. Remote work, home schooling, record-low mortgage rates, low inventory and purchases from tax-burdened Northeastern home buyers are some of the factors boosting Miami real estate.”
Miami year-to-date November home sales are only 6.6% lower than last year despite the four-month interruption caused by the pandemic. Year-to-date dollar volume has already exceeded the 2019 total. Inventory has decreased the last 16 months for single-family homes and now sits at 3.6 months supply of inventory.
“The lack of inventory in certain price points is impacting sales, particularly for single-family homes,” Guerra said. “Increased housing starts and more sellers listing properties in 2021 should help alleviate the lack of supply.”
Source MiamiRealtors.com