Sales of single family homes above $1 million rose 182.9% year-over-year to 679 transactions in the first quarter.
Overall dollar volume in the market for transactions in all price categories increased 122.6% for single family homes, and 117.8% for condos compared to the same period last year (new construction is excluded). Sales would have been significantly higher if more inventory was available, according to Miami Association of Realtors Jennifer Wollmann. Properties are attracting multiple bids and buyers going over-list price, the Realtor’s Association says. The median percent of original list price received was 97.1% for single-family homes and 94.4% for condos in Q1 2021. Read More: The Next Miami