As robust 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 23.3% year-over-year, from 2,424 to 2,990. Miami single-family home sales jumped 16.9% year-over-year, from 1,174 to 1,372. Miami existing condo transactions increased 29.4% year-over-year, from 1,250 to 1,618. Miami single-family home sales have now posted double-digit, year-over-year increases for five consecutive months and Miami existing condos have posted transaction gains for four straight months.
“The resiliency of Miami real estate continues to shine as total home sales climb month after month,” MIAMI Chairman of the Board Jennifer Wollmann said. “Record-low mortgage rates, intense demand for housing, the return of local in-person K-12 schooling, Florida’s low taxes, low inventory and purchases from home buyers in tax-burdened states, and increased interest from international buyers are all boosting Miami real estate.”
Japan, Mexico, Argentina, Colombia, Brazil, Canada and Italy are the top foreign countries who purchased in Miami-Dade County in December 2020, according to MLS data