FYI Miami: September 30, 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.
RICKENBACKER CONNECTOR: The Transportation Planning Organization is to delete the Rickenbacker to Vizcaya Metrorail Station/Underline Trail Connector Sidewalk project with public hearing of a resolution set for today (9/30). The project would be removed from the Transportation Improvement Program and the $728,000 in allocated federal funds would go instead to a resurfacing plan on Southeast 26th Road from Southwest First Avenue to the Rickenbacker Causeway. The Miami-Dade Department of Transportation and Public Works asked the Florida Department of Transportation to move the scope of the sidewalk project, which includes sidewalk widening for the Underline Trail Connector, “since the project is in the same area and is within the resurfacing project limits and right of way.”
COUNTY JOBS DOWN, STATE UP: Miami-Dade County lost 9,600 jobs from July to August as unemployment ticked up from 6.5% in July to 6.7%, figures from the US Bureau of Labor Statistics show. The unemployment rate would have been even higher had not the workforce declined by 7,900 persons, falling to 1,358,400, according to the bureau’s records. The county went opposite of state trends during the month: Florida’s total unemployment fell to 5% from 5.1% in July while the state’s labor force was increasing by 64,400 persons, the number of persons at work grew by 64,900 and 400 fewer were unemployed.
SALES RECORD NEAR: Miami is on pace to have its best year ever for total sales, condo sales and single-family home transactions, according to the Miami Association of Realtors. The community has already recorded more total sales in eight months this year (26,931) than all of 2020 (26,345) and nearly eclipsed 2019 (27,436). Miami’s total sales record is 30,041, set in 2013.
LUXURY SALES SOAR: Miami single-family luxury ($1-million-and-up) transactions jumped 68.6% from last year’s level to 258 sales in August, according to the Miami Association of Realtors. Miami existing condo luxury ($1-million-and-up) sales increased 217.1% year-over-year to 222 transactions. The association cites a four-month supply of luxury single-family homes and a 9.8-month supply in luxury condos.
HOME PRICES RISE AGAIN: Miami-Dade County single-family median home prices increased 20.3% year-over-year in August, rising from $416,000 to $500,500. Miami single-family median prices have risen for 117 consecutive months. Existing condo median prices increased 26.4% year-over-year, from $265,000 to $335,000. Condo median prices have increased or stayed even in 119 of the last 123 months, according to the Miami Association of Realtors.