Much like the weather in South Florida, the Miami Real Estate market this time of year is HOT! HOT! HOT! Due to covid, the Spring home-buying season got delayed and pushed further back to the
Miami Monthly Market Update
Dated: November 23 2020
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Much like the weather in South Florida, the Miami Real Estate market this time of year is HOT! HOT! HOT!
Due to covid, the Spring home-buying season got delayed and pushed further back to the fall season. According to Lawrence Yun, chief economist of the National Association of REALTORS®, Real Estate could see its best winter ever.
The total home sales for Miami-Dade County surged in October 2020 as strong pent-up demand and record-low mortgage rates fueled transactions, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
In fact, Miami-Dade County saw a jump in home sales of 16.2% year-over-year, from 2,355 to 2,737.
The Miami Real Estate market has seen an influx of purchases from tax-burdened Northeastern home buyers migrating to South Florida.
“Miami single-family home sales have now posted double-digit, year-over-year increases for three consecutive months and Miami existing condos have posted transaction gains for two straight months,” MIAMI Chairman of the Board Jorge L. Guerra Jr. said.
Strong demand coupled with limited supply continues to drive price appreciation in Miami-Dade. Single-family home prices in Miami have risen for 107 consecutive months, a streak of 8.9 years while condo prices have increased or stayed even for 109 months.
The Miami Real Estate market is seeing a strong Seller's Market for Single Family Homes with the supply of inventory being around 3.7 months with still a lot of demand from buyers taking advantage of the low-interest rates. We are seeing homes going under contract quickly once they do hit the market.
Miami Condos on the other hand are seeing a buyer's market with the supply of inventory around 13.5 months. A balanced market between buyers and sellers offers between six- and nine-month supply.
So right now is a great time to buy and sell real estate in Miami.
For All Things Real Estate in Miami text "Home Buying" or "Home Selling" to (941) 254-2935.
*Information provided by the Miami Board of Realtors*
Noel Cuarezma
I was born and raised in Miami, FL from immigrant parents from Nicaragua. As a proud Miami native I enjoy selling real estate in the only city I have ever known. I have a true passion and love for ....
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