While some might have been concerned about the pandemic causing a slowdown to luxury home sales, these problems don’t seem to be happening in Miami. Miami Realtors report that the total number of home sales in Miami-Dade Country increased by 3.5% year-over-year. The sale of single-family homes was up by 9.2%. The only area where there was a slight slowdown was in existing condo sales. This dipped by 2.2%.
Buyers from the United States and other countries have been buying properties throughout Miami. Many of the buyers are from New York, and they head to Florida for more than just the great weather and favorable taxes. They see that there are low mortgage rates, and they find that they can buy larger properties for less. With an increased need for people to have room to work from home, and for remote schooling, these larger properties are appealing to New Yorkers.
Luxury Homes Have an Amazing Jump in Sales
Single-family luxury homes in Miami-Dade County are up by a whopping 55.3% year-over-year in the third quarter of 2020. Luxury condo sales rose by 13.2% during this period, as well.
The strong demand for homes combined with the limited supply of available properties has driven up the prices in the area. The median prices for single-family homes, for example, went from $370,000 to $420,000, an increase of 13.5%. The median price for condos rose from $245,000 to $264,000, an increase of 7.8%.
However, despite the increase in prices for properties in the area, they are still selling well. The main reason for this is that the cost of a home in Miami is still considered quite low when compared with many other areas around the world. Buying a million-dollar home in Miami will provide you with a lot more space and a lot more luxury than you would find in places like New York, Los Angeles, or Hong Kong, for example.
Right now, it’s considered a seller’s market for single-family homes and a buyer’s market for condos. There is only 3.8 months of inventory for single-family properties, whereas there is 13.8 months of inventory for condos. Even though it might be a seller’s market for single-family properties, the low mortgage rates and the size of the properties available make it a good time to look for homes.
If you’re interested in buying a property in the Miami area, get in touch to learn more about the options currently available.