For 2021, South Florida (Miami-Dade, Broward and Palm Beach counties) is one of the strongest housing marketing throughout the nation. Recent sales trends are strong as as out-of-state buyers continue to relocate to the South Florida area for its robust economy, warm weather and high quality of life.
According to FloridaRealtors, there were a total of 53,765 existing single-family home sales throughout South Florida during 2021. This represents a 13.3% from the number of existing single-family sale transactions during 2020 (47,459). Of the total, approximately 30% or 15,997 transactions were conducted using cash.
The amount of closed sales have continued to increase based on the following historical levels.
- 2021 – 53,765 (up 13.3% year-over-year)
- 2020 – 47,459 (down 1.6% year-over-year)
- 2019 – 46,722 (up 1.6% year-over-year)
- 2018 – 45,990 (up 0.4% year-over-year)
- 2017 – 45,787 (down 4.3% year-over-year)
- 2016 – 47,835 (down 2.2%% year-over-year)
Based on the current level of activity, it is anticipated that the trend of increasing sales of existing single-family homes in South Florida will continue for 2022 (provided there is sufficient inventory to accommodate the demand).
Overall dollar sales volume for 2021 was $46.3 billion which is a huge 53.8% increase from the $30.1 billion amount realized during the prior year. For the past several years, dollar sales volume has continue to increase not only due to a growth in the number of transactions, but also the growth of single-family home values.
- 2021 – $46.3 billion (up 53.8% year-over-year)
- 2020 – $30.1 billion (up 24.9% year-over-year)
- 2019 – $24.1 billion (up 2.7% year-over-year)
- 2018 – $23.5 billion (up 8.5% year-over-year)
- 2017 – $21.6 billion (up 3.6% year-over-year)
- 2016 – $20.9 billion (up 2.3% year-over-year)
Single Family Home 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 single-family home sale transactions in South Florida was $480,000 which is 20.6% higher than that observed for 2020.
- 2021 – $480,000 (up 20.6% year-over-year)
- 2020 – $398,000 (up 10.6% year-over-year)
- 2019 – $360,000 (up 2.9% year-over-year)
- 2018 – $350,000 (up 6.1% year-over-year)
- 2017 – $330,000 (up 8.2% year-over-year)
- 2016 – $305,000 (up 8.9% year-over-year)
For the same period, the average sale price for single-family home sale transactions in South Florida was $861,060. This amount is 35.8% higher than 2020 and largely driven by the 83.3% increase in the sale of homes over $1,000,000.
- 2021 – $861,060 (up 35.8% year-over-year)
- 2020 – $634,142 (up 22.9% year-over-year)
- 2019 – $515,920 (up 1.1% year-over-year)
- 2018 – $510,332 (up 8.1% year-over-year)
- 2017 – $472,237 (up 8.2% year-over-year)
- 2016 – $436,418 (up 4.6% year-over-year)
Single Family Home 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.
As of the year-end 2021,there was a staggeringly low 6,126 single-family homes available for sale throughout South Florida which is a 39.1% decline from the amount of inventory as of the end of 2020. In the past three years, overall inventory has been extraordinary low compared to historical levels.
- 2021 – 6,126 homes (down 39.1% year-over-year)
- 2020 – 10,052 homes (down 41.5% year-over-year)
- 2019 – 17,176 homes (down 14.1% year-over-year)
- 2018 – 19,986 homes (up 13.8% year-over-year)
- 2017 – 17,558 homes (down 4.9% year-over-year)
- 2016 – 18,463 homes (up 1.3% year-over-year)
The months supply of single-family home inventory as of the year-end was also historically low. At the current pace of sales, there is less than two months of inventory available for sale in South Florida (as of year-end 2021) which is down 44.0% from 2020.
- 2021 – 1.4 months supply (down 44.0% year-over-year)
- 2020 – 2.5 months supply (down 43.2% year-over-year)
- 2019 – 4.4 months supply (down 15.4% year-over-year)
- 2018 – 5.2 months supply (up 13.0% year-over-year)
- 2017 – 4.6 months supply
- 2016 – 4.6 months supply (up 2.2% year-over-year)
Although overall inventory is down substantially, the number of new single-family home listings were put onto the market during 2021 increased by 3.4% (from YE 2020) to 62,894 as sellers take advantage of the increasing prices.
- 2021 – 62,894 homes (up 3.4% year-over-year)
- 2020 – 60,816 homes (down 6.8% year-over-year)
- 2019 – 65,258 homes (down 5.1% year-over-year)
- 2018 – 68,745 homes (up 5.0% year-over-year)
- 2017 – 65,482 homes (down 4.4% year-over-year)
- 2016 – 68,509 homes (up 0.2% year-over-year)
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 single-family listings at individual price points.
| Initial Listing Price Point | New Listings | % Change (YOY) |
| Less than $50,000 | 60 | -40.0% |
| $50,000 – $99,999 | 138 | -37.3% |
| $100,000 – $149,999 | 350 | -45.4% |
| $150,000 – $199,999 | 929 | -51.5% |
| $200,000 – $249,999 | 1,900 | -43.2% |
| $250,000 – $299,999 | 3,852 | -36.8% |
| $300,000 – $399,000 | 12,534 | -18.5% |
| $400,000 – $599,000 | 20,417 | 20.6% |
| $600,000 – $999,999 | 12,701 | 43.3% |
| $1 million or more | 10,013 | 36.5% |
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 | 1 | -50% |
| $50,000 – $99,999 | 9 | -74.3% |
| $100,000 – $149,999 | 18 | -77.2% |
| $150,000 – $199,999 | 30 | -86.2% |
| $200,000 – $249,999 | 127 | -68.9% |
| $250,000 – $299,999 | 265 | -56.6% |
| $300,000 – $399,000 | 848 | -45.7% |
| $400,000 – $599,000 | 1,555 | -26.2% |
| $600,000 – $999,999 | 1,277 | -32.4% |
| $1 million or more | 1,996 | -36.5% |
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.
Contact us at info@quantumcos.com or learn more by visiting our web site at www.QuantumRealtyAdvisors.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.
