Miami Real Estate Report, January 2021 Statistics
KEY NUMBERS (Compared to January 2020)
- Number of Condo Sales Up 28.1%
- Number of Single Family Sales Up 9.1%
- Median Condo Price – Up 14.3%
- Median Single Family Price Up 25.2%
- Inventory (# of listings)
- Condos Down 15.4%
- SFH Down 45.8%
The Miami Market is on fire! Compared to a year ago condo sales are up 28.1% with dollar volume up 69.4%. Pending sales are up 43.1% with listing inventory down 15.4%. Single Family inventory is down 45.8% causing a spike in the average sale price which is up 70.8%. Supply and Demand Principles are unquestionably at play. The Miami market which relied heavily on International Buyers is experiencing a major shift to Domestic Buyers escaping high taxes, pursuing a high quality of life and having the ability to work remotely, and we’re seeing great interest from the Tech and Financial industries. Many home buyers are now considering condos as a viable alternative. Click below for my article on this subject in Miami Herald.
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