Buyer Demand Soars in Miami-Dade
June 11, 2021
The 2021 residential real estate market has been booming in Miami-Dade County as a powerful wave of new homebuyers migrate to the Magic City. There’s barely enough inventory to keep up, so if you’re looking to move to South Florida, we can help.
Although we can’t tell how long the demand will last, we don’t anticipate it ending any time soon. You can expect to see more impact throughout the next three to five months as more and more homes come on the market and affect the pricing.
A 2021 Homebuyer Insights Report from Bank of America found that people, in general, value a sense of connectedness and belonging when it comes to where they live. To most, the community is an important factor when deciding where to put down their roots. Homeowners are looking to build a community and become involved in their neighborhoods. Communities are growing as a huge influx of renters step into home-ownership.
According to Vincent Viscomi, vice president and area lending manager for Bank of America, “Low housing inventory and interest rates are in part driving today’s competitive market. Interest rates are still at historic lows where you can still buy and be approved below 3% sometimes depending on the property.”
Buying a house has never been easier. We aim to simplify the challenge of finding your dream home. Our website, Miami1.com, provides a simple way to research neighborhoods, and shop for single-family homes & luxury condos.
The remote work trend continues to incline and people are searching for new places to settle down as they spend more and more time at home and away from their office. As a result, buyer demand is soaring across the nation, especially in Miami-Dade. Florida’s no state income tax, the influx of tech & finance companies, and outstanding quality of life are great incentives that directly result in this powerful new wave of people migrating to Florida. Huge amounts of money have poured into Miami real estate since April of last year.
The real estate market will only continue to thrive and the numbers say it all.
The number of sales in the Miami Beach condo market alone has increased by 123% since last year. In 2020, there were 504 closed sales at a median price of $349,000. Fast forward to 2021, there have been 1,122 sales with a median price of $525,000, a median increase of 50%.
With a whopping 302% increase in closed sales, the statistics are even more notable amongst the single-family home market. Miami Beach single-family homes saw 61 closed sales in the same period of 2020 at a median price of $1,925,000. So far in 2021, 245 homes have sold with a median price of $2,390,000.
The statistics are impressive. Compared to last year, there is 332% more money being spent in the condo market and a 539% increase in the single-family home market.
We don’t anticipate this new wave of interest ending soon. The market will continue to see a substantial upward swing. There couldn’t be a better time to put your South Florida home on the market than now.
As this powerful new rush of buyers come in, inventory is running low. Luckily, with our expertise and arsenal of home inventory both on and off the market, we can help you navigate any challenges you might come across during your homebuying journey.
If you’re thinking of buying or selling a home, call or text the Bill and Bryan Team at 305.791.2349.
|SOURCE: Miami Today News |