Miami-Dade County Housing Market Update
Is it the best time to buy or sell a home in Miami-Dade County? The real estate market is currently very hot as there are more homebuyers who are chasing a historically low number of listed homes for sale. Recent statistics have indicated that the current market has only 2.2 months of inventory for single-family homes and condos.
On the other hand, there are 5.1 months of inventory for townhouses in Miami-Dade County. These figures indicate that Miami-Dade County real estate is still in the seller’s market which is benchmarked by any figures below 5.5 months inventory threshold.
The price for homes in Miami-Dade County has also increased significantly as the housing market continues to recover from the COVID-19 pandemic crisis in 2020. In 2021. We have seen the median sales price for homes increasing by 28.7% for single-family homes to $500,000 from $388,500. Condo prices in Miami-Dade increased year-over-year by 17.6% to reach $340,000. The median sale prices for townhouses have also been on an upward trajectory and they have increased by 29.8%. The median time to sell has been reduced from 107 days on the market to 63 days on the market.
Miami-Dade County has recorded a significant increase in single-family homes and condos transactions from 4,766 to 11,553. The record high growth levels in Miami-Dade County real estate market have been contributed by the high number of homebuyers from other congested regions and tech firms relocate to Miami.
The outbreak of Coronavirus last year accelerated the need for people to relocate to neighborhoods that can guarantee a comfortable work and live environment. High demand for homes has been the main driving factor for increased property prices in Miami-Dade County.
Many Miami real estate investors opted for long-term investment strategies as opposed to rehabbing and flipping models. The historic low-interest rates pushed most of them to acquire rental properties so as to benefit from this advantage. There was a 4% increase in closed sale transactions of single-family homes. We have seen the rapid increase in demand for housing pushing many homeowners to rent rather than sell thus, contributing to the low inventory that we are still witnessing. Active inventory for single-family homes has declined to below 3,000.
The housing affordability crisis will continue to be experienced in Miami-Dade County. The median original list price for single-family homes jumped from 4% to 99%. Condos listing prices also jumped from 4% all the way to 96% in a similar period. This unprecedented increase in listing home prices is largely contributed by a lack of enough inventory to meet the demand. Moving forward, we expect things to cool down gradually once sellers start listing more properties.
Please contact me at 305-204-3585 for a free detailed market report of your neighborhood.
Jester Nino
Broker Associate
Oscar Teran Group | C5 | | EXP Realty
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