When the pandemic began, it was unclear what kind of impact it would have on the market. However, currently the real estate market is thriving more than expected.
The movement of properties in Miami and properties in Miami Beach were a bit slow. Sellers were hesitant to allow people to tour their properties, so virtual tours were in higher demand, and buyers didn’t want to enter properties as a precaution to avoid the virus.
Despite those factors, the number of closed single-family home sales in the South Florida area increased nearly 24% year-over-year, according to the latest figures released by Florida Realtors comparing November 2019 to November 2020. The median selling price also rose more than 17% to $430,000, according to those figures.
Meanwhile, Miami’s luxury real estate market shows no signs of cooling. Every day celebrities announce that they are moving to Miami. From politicians to movie stars, celebrities and Wall Street billionaires, Miami is today’s must-have address.
According to ISG Miami’s latest Related Report, active single-family home listings recently hit a 15-year record low. In January 2021, in Miami-Dade, Broward and Palm Beach counties, there were 8,597 single-family home listings compared to 13,992 a year ago.
Although the pandemic has had many negative impacts on a number of industries, the real estate sector is one that has benefited. Right now, both buyers and sellers can take advantage of all the opportunities offered by the real estate market. Interest rates remain low and competition to buy is high.
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