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Condo Activity Continues to Soar in January, Surpassing Previous Highs


March 17, 2022

Existing condo transactions increased for the 16th consecutive month as Miami-Dade County real estate extended its historic run with its best-ever January sales month. 

 

According to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system, Miami’s existing condo sales rose by 31.7 percent, from 1,243 to 1,637. When compared to January 2020, condo transactions have soared by 68.8%. 

 

For existing condominiums, the median percent of original list price received was 97.3 percent, up 3.2 percent from 94.3% previous year. The median number of days between the time a condo was listed and when it was sold was 40 days, down 36.5% from 63 days. The median number of days it took to sell a condo was 87, down 21.6 % from 111 days. Furthermore, cash sales accounted for 49.4 % of all existing condo sales in Miami. The high percentage of cash buyers reflects Miami’s position as the primary American real estate market for foreign buyers, who tend to buy with pure cash.

 

Miami real estate is in high demand from both domestic and international purchasers. The expansion of remote work, low mortgage rates, Florida’s low taxes, reduced Covid laws and luxury lifestyle have all contributed to Miami’s sales growth.

 

Continuum South Beach offers resort-style oceanfront condo living on the beautiful beaches of Miami’s SoFi neighborhood. To learn about our Continuum condos for sale, please visit us online.