FYI Miami: August 19, 2021
Below are some of the FYIs in this week’s edition. The entire content of this week’s FYIs and Insider sections is available by subscription only. To subscribe click here.
HOME SALES RECORD: Home sales in Miami-Dade County set a record in the second quarter of this year with 11,553 residential resales, the most since at least 1993, when records were first compiled. The second quarter last year saw 4,766 total sales. Single-family home sales rose from 2,688 last year to 4,486 for the same quarter this year, while existing condo sales rose from 2,078 to 7,067. “Many of today’s buyers are making South Florida their primary home, which is important because these full-time residents boost, impact and diversify many sectors of our economy,” said Jennifer Wollmann, board chairman of the Miami Association of Realtors, which compiled the statistics.
SELLING FAR FASTER: As home sales rose, the number of for-sale listings in Miami-Dade plunged in the second quarter from the second quarter of 2020, figures from the Miami Association of Realtors show. Miami had 11,282 total for-sale listings in the second quarter of this year, down almost 42% from the 19,358 listings in the same quarter last year. The inventory of single-family homes fell 42% from 4,926 to 2,853, while the condo inventory dropped 42% from 14,432 to 8,409. In the buying rush, it took just 18 days on average to get a contract on a single-family home, down from 55 days in the second quarter of 2020. The median time to get a condo contract was 56 days, down from 77 days the prior year.
TOURISM REBOUNDING: Florida attracted 31.7 million visitors in the second quarter, 16.3% more than the first three months of the year, 223.4% above the second quarter of 2020, when the pandemic devastated the state’s tourism industry, and just 2.2% percent below where Florida was in 2019, at the end of a decade-long run of annual record-setting tourism numbers. Gains were driven by 30.563 million travelers from other states, up 215.9% from the same period in 2020 and above the same period in 2019. Florida’s recovery has benefited from other states shutting down tourism marketing for most of 2020. A Florida marketing rebuild that began last summer continues, first pitching Floridians on exploring the state, then trying to attract travelers from other parts of the US, and expanding attention in May to Mexico and England.
AIR TRAVEL CLIMBS: Miami International Airport is on pace to finish the year only 25% below its 2019 passenger count, interim aviation director Ralph Cutié said is a statement last week hailing the airport’s stable bond report from three separate rating agencies. With 5 million international passengers making the airport the nation’s top international portal through June, he said, the airport has also served 10.6 million domestic passengers, down only 12% from its 2019 number during the same time frame as air travel recovers from the ravagers of the pandemic last year.