The worst hit area was an area around Krymsk, a town of 57,000 lying about 200 kilometres (120 miles) northwest of the Black Sea resort town of Sochi where Russia will host the 2014 Summer Olympic Games.
A total of 130 bodies have been discovered in the Krymsk district, a Moscow-based spokesman for the police emergency task force told AFP.
Eleven others died in the Black Sea resort town of Gelendzhik and in the port city of Novorossiisk.
Nearly 29,000 people remain without power across the southern region, the emergencies ministry said.
Flash floods frequently batter towns along the picturesque Black Sea coast during seasonal rains in the Caucasus mountains, but authorities say the current disaster is unprecedented.
Officials have not been able to explain the massive death toll, saying only the floods were caused by torrential rains and caught many people in their sleep.
President Vladimir Putin flew to the region Saturday evening to personally inspect the damage.
Source: AFP