One of the questions that many people ask is whether homes, particularly luxury properties, are still being sold during the COVID-19 pandemic. While many believed that the health crisis would put a severe damper on the number of sales that were being made, that does not seem to be the case. Over the last several months, the sales of luxury properties have been stable. Still, there is a lower inventory in some parts of the country. This has helped to create something of a seller’s market in those areas.
Miami and Fort Lauderdale Luxury Properties
However, it appears that Miami and Fort Lauderdale are still considered buyer’s markets according to the Luxury Monthly Market Review. This means that those who are looking to purchase properties in those areas will find many properties available, along with some good deals.
The median list price for single-family homes in the Greater Fort Lauderdale area was $1,377,000, while the median sold price was $947,500. At the time of the report, there was an inventory of 1,326 homes on the market.
In Miami, the median list price for single-family homes was $1,385,000 and the median sold price was $875,763. The inventory of homes available at the time of the report was 1,229.
The numbers were similar when it came to the attached homes. In the Greater Fort Lauderdale area, the median list price was $787,000 and the median sale price was $757,500. The number of homes in the inventory was 1,206.
In Miami, the median list price for attached homes was $1,050,000 and the median sale price was $931,750. The big difference is that there are a larger number of attached homes available. There were 2,751 at the time of the report. With this large number of properties available, it helps to create a market with plenty of options available for buyers.
It Could Be a Good Time to Buy
For those who are looking to buy a new home, whether it is a single-family property or a condo, now could be a good time. Florida has a large number of quality luxury properties available, which should make it possible for buyers to find exactly what they need and at a good price.
Potential buyers who want to know more about properties that are available and who are thinking of making a purchase should get in touch soon. Despite the high volume of properties available, they are still selling quickly.