The tragic collapse of the Champlain Towers South in Surfside, FL on June 24, 2021 is something that we will certainly never forget. To observe a 12-story oceanfront condominium collapse to the ground is a tragedy that none of us ever thought we’d witness in this country. As expected, many South Floridians believed that this might result in less prospective buyers looking to purchase oceanfront condos in the months after. However, according to data from the Miami Association of Realtors, this has certainly not been the case.
What the data shows
Miami-Dade County totaled 1,030 transactions from June 23rd through July 7th, 2021. This is equivalent to a 159% year-over-year increase. When looking at pending sales, Miami-Dade County has over 1,600 pending sales. This is an increase of about 78% from 927 pending sales from June 23rd through July 7th from the year prior.
- Closed Miami-Dade County existing condo sales increased 159.4% year over year when comparing June 23, 2020-July 7, 2020 to June 23, 2021-July 7, 2021, from 397 sales to 1,030 transactions. Existing condo sales in the same time period in 2019 and 2018 were 469 and 458, respectively.
- Pending Miami-Dade County existing condo sales and active listings with contracts jumped 77.7% year over year when comparing June 23, 2020-July 7, 2020 to June 23, 2021- July 7, 2021, from 927 pending sales to 1,647 pending transactions. Pending sales in the same time period in 2019 and 2018 were 856 and 870, respectively.
Summary
Miami, FL continues to be a top destination for domestic and international buyers. In addition to the tropical climate and beautiful beaches, The Sunshine State is also known for pro-business governments, low taxes and a healthy lifestyle. Add in the lower cost of living benefit relative to other parts of the country and you can see why the Miami condo market is continuing to thrive. In addition, Miami-Dade County is widely known to have the strongest building code in the nation. This building code was reinforced in 1994 after Hurricane Andrew wreaked havoc on the area in 1992. Miami-Dade County was the first county in Florida to enact a 40-year recertification process and a subsequent 10-year re-certification for buildings in 1974. Broward County followed in 2005. Although most cities and counties across the country do not require a 40-year re-certification, many are considering this measure now.
Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. At Live South Florida Realty, Inc., we have been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!
