Over 40 percent of all closing in January were cash transactions
According to the Miami Association of Realtors, the greater Miami residential property market continued its historic run of home sales with its best-ever January sales month as existing condo transactions surged for the 16th consecutive month.
The red-hot market is coming off a historic 2021 that saw Miami shatter many records, including its all-time annual total home sales, highest annual total dollar volume, most single-family home sales, most condo transactions, and more.
“The demand for Miami real estate has never been higher from both domestic and global homebuyers,” MIAMI Chairman of the Board Fernando Arencibia Jr. said. “Major U.S. companies opening HQs in Miami, surging domestic and global migration to South Florida, a larger percentage of Florida residents in their prime home buying years, the expansion of remote work, low mortgage rates, Florida’s low-taxes, relaxed Covid restrictions, South Florida’s healthy lifestyle and more have each played roles in Miami’s booming sales.”
Best January Sales Month in Miami History
January is typically a slower month for sales in South Florida because of seasonality (historically, sales tend to pick up in March as many homebuyers move to close ahead of the start of Miami’s next school year). But not this January.
Miami-Dade County total home sales rose 19.6% year-over-year in January 2021, from 2,211 sales to 2,645. Miami single-family home transactions increased 4.1%, from 968 to 1,008. Miami existing condo sales increased 31.7%, from 1,243 to 1,637. It marks the 16th consecutive month of double-digit year-over-year condo gains.
Miami home sales are also significantly higher in January 2022 vs. January 2020. Miami total home sales are up 42.4% in January 2022 vs. January 2020, from 1,857 to 2,645. Miami single-family home sales (13.6% increase) and condo transactions (68.8% jump) are higher than January 2020.