Extraordinary is not the correct word to describe how the condominium and townhouse market fared during 2021 in Miami-Dade County. Out-of-state buyers continue to relocate to the area for its robust economy, warm weather and high quality of life.
According to FloridaRealtors, there were a total of 23,689 individual townhome and condominium units sold throughout in Miami-Dade County during the year 2021. This represents a huge 80.9% increase from the number of transactions that occurred during 2020 (13,095). Of the total, approximately 45% or 11,172 transactions were conducted using cash.
The amount of closed sales have continued to increase based on the following historical levels.
- 2021 – 23,689 (up 80.9% year-over-year)
- 2020 – 13,095 (down 7.2% year-over-year)
- 2019 – 14,114 (up 1.8% year-over-year)
- 2018 – 13,864 (up 5.6% year-over-year)
- 2017 – 13,132 (down 3.5% year-over-year)
- 2016 – 13,604 (down 14.4% year-over-year)
Based on the current level of activity, it is anticipated that the trend of increasing sales of existing townhomes & condominiums in Florida will continue for 2022 (provided there is sufficient inventory to accommodate the demand).
Overall dollar sales volume for 2021 was $14.5 billion which is a 156.6% increase from the $5.7 billion amount realized during the prior year. For the past several years the market has been fairly consistent. However, dollar sales volume jumped in 2022 not only due to a growth in the number of transactions, but also the growth in property values.
- 2021 – $14.5 billion (up 156.6% year-over-year)
- 2020 – $5.7 billion (up 1.7% year-over-year)
- 2019 – $5.6 billion (up 0.7% year-over-year)
- 2018 – $5.5 billion (up 12.8% year-over-year)
- 2017 – $4.9 billion (up 0.2% year-over-year)
- 2016 – $4.9 billion (down 16.0% year-over-year)
Townhome / Condominium Sale Prices (Year End 2021)
The median sale price is one of the preferred statistical methods for measuring price activity as it is not as sensitive of extraordinary high or low sale prices (that are not typical of a particular market area) which can easily skew the values.
For 2021, the median sale price for townhome & condominium sale transactions in the Miami-Dade County was $327,500 which is 24.1% higher than that observed for 2020.
- 2021 – $327,500 (up 24.1% year-over-year)
- 2020 – $264,000 (up 7.8% year-over-year)
- 2019 – $245,000 (up 4.3% year-over-year)
- 2018 – $235,000 (up 4.4% year-over-year)
- 2017 – $225,000 (up 5.9% year-over-year)
- 2016 – $212,500 (up 6.3% year-over-year)
For the same period, the average sale price for townhome & condominium sale transactions in the state was $612,855. This amount is 41.8% higher than 2020 and largely driven by the enormous 229.2% increase in the sale of properties over $1,000,000.
- 2021 – $612,855 (up 41.8% year-over-year)
- 2020 – $432,078 (up 9.6% year-over-year)
- 2019 – $394,374 (down 1.1% year-over-year)
- 2018 – $398,567 (up 6.9% year-over-year)
- 2017 – $372,927 (up 3.9% year-over-year)
- 2016 – $359,100 (down 1.8% year-over-year)
Townhome / Condominium Inventory Levels (Year End 2021)
Inventory is the number of active property listings on the market for sale at any given point in time. This particular statistic is one of the main components in a healthy real estate market.
From 2016 to 2020, inventory has been fairly consistent. However as of the year-end 2021, there were only 6,434 townhomes & condominiums available for sale which is a 50.1% decline from the amount of inventory as of the end of 2020. Over the past two years, inventory has been staggeringly low compared to historical levels.
- 2021 – 6,434 units (down 50.1% year-over-year)
- 2020 – 12,898 units (down 12.0% year-over-year)
- 2019 – 14,662 units (down 7.6% year-over-year)
- 2018 – 15,871 units (up 5.9% year-over-year)
- 2017 – 14,984 units (up 3.8% year-over-year)
- 2016 – 14,436 units (up 16.3% year-over-year)
The months supply of townhomes & condominiums inventory as of the year-end was also historically low. At the current pace of sales, there is approximately three months of inventory available for sale as of year-end 2021 which is down 72% from 2020.
- 2021 – 3.3 months supply (down 72.0% year-over-year)
- 2020 – 11.8 months supply (down 5.6% year-over-year)
- 2019 – 12.5 months supply (down 8.8% year-over-year)
- 2018 – 13.7 months supply
- 2017 – 13.7 months supply (up 7.9% year-over-year)
- 2016 – 12.7 months supply (up 35.1% year-over-year)
Although overall inventory is down substantially, the number of new townhomes & condominiums listings that were put onto the market during 2021 increased by 17.1% to 29,734.
- 2021 – 29,734 units (up 17.1% year-over-year)
- 2020 – 25,400 units (down 3.2% year-over-year)
- 2019 – 26,241 units (down 7.5% year-over-year)
- 2018 – 28,367 units (up 3.5% year-over-year)
- 2017 – 27,405 units (down 2.4% year-over-year)
- 2016 – 28,090 units
Due to demand levels and low inventory, the number of new listings are increasingly higher price points continues to grow. Following is a table of new 2021 townhomes & condominiums at individual price points.
| Initial Listing Price Point | New Listings | % Change (YOY) |
| Less than $50,000 | 87 | -23.7% |
| $50,000 – $99,999 | 162 | -48.2% |
| $100,000 – $149,999 | 1,096 | -30.3% |
| $150,000 – $199,999 | 3,442 | -4.6% |
| $200,000 – $249,999 | 3,414 | 4.1% |
| $250,000 – $299,999 | 3,496 | 0.5% |
| $300,000 – $399,000 | 5,714 | 32.9% |
| $400,000 – $599,000 | 4,728 | 39.1% |
| $600,000 – $999,999 | 3,559 | 45.4% |
| $1 million or more | 4,036 | 39.7% |
As of the year end 2021, the following table will show the number of active property listings at individual price points.
| Current Listing Price Point | New Listings | % Change (YOY) |
| Less than $50,000 | 3 | 0% |
| $50,000 – $99,999 | 19 | -81.4% |
| $100,000 – $149,999 | 125 | -73.0% |
| $150,000 – $199,999 | 489 | -52.9% |
| $200,000 – $249,999 | 474 | -56.8% |
| $250,000 – $299,999 | 456 | -64.4% |
| $300,000 – $399,000 | 891 | -55.7% |
| $400,000 – $599,000 | 1,126 | -50.9% |
| $600,000 – $999,999 | 1,132 | -42.5% |
| $1 million or more | 1,719 | -34.9% |
Are you thinking of selling?
Based on the year-end 2021 data, the current state of the market is highly favorable for seller. If you are a homeowner and are considering selling your personal residence, vacation home or investment property, not may be the perfect time to do so.
Our team has assisted sellers not only throughout the state of Florida, but in most major markets nationwide. We take a highly methodical and deliberate approach when working with or clients and have specific strategies to help get the best value for the property.
To learn more about how we help our clients get the best possible price for their property, visiting our web site at www.QuantumRealtyAdvisors.com or contact us at info@quantumcos.com.
The information provided in this website was derived from sources deemed to be reliable to is not guaranteed or warranted. All information, content, and materials available on this site are for general informational purposes only.
