Miami Market Report – December 2020 PerformanceJanuary 31, 2021
The Miami market experienced incredible sales in December 2020 despite it being the 10th full month under the Covid-19 pandemic.
AverageSold Price for single-family homes almost doubled in 5 years to $1.01 million. Inventory levels are low and this past December was the highest for pended homes within the past 5 years.
Compared to last December: Pended (under contract) homes is up +27%, Months of Inventory is down -38% and Average Sold Price is up +70%. These are all indications that prices will continue to increase.
The condo/townhome market experienced the highest Average Sold Price and Pended (under contract) units in December 2020 within the past 5 years. Months of Inventory was at lowest level in the same time period.
Compared to last December: Pended condo/townhome are up +56%, Months of Inventory is down -16% and Average Sold Price is up +26%. The condo/townhome maker appears unphased by Covid-19.
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Rebeca Castellon Group