Miami Market Report | June 2020July 28, 2020
Despite the challenges due to the Covid-19 pandemic, the Miami real estate market is up. In June, the number of homes that went under contract and the average sale price increased by double digits to the highest levels in more than 5 years.
On a daily basis, I speak to people wanting to relocate to Miami. Many of them are choosing Miami because of its lifestyle, low taxes and stable political environment. We will eventually overcome the pandemic and Miami will become even more desirable than before.
Single-Family Homes: The market is showing strong signs of recovery from Covid-19. A total of 3,971 homes Pended; the highest June within the past 5 years. Therefore, sold homes will be higher in the coming months & inventory will decline, which have made it a sellers’ market. Compared to last June: Avg Sold Price is up +12%, Pended homes is up +37%, Inv is down -7%. All are indicators of high demand.
Condos & Townhomes: The condo/town market is holding up. Compared to last June: Avg Sold Price is up +6%, Pended homes is up +12%. Inventory is a little high at 13 months but expected to come down.
If you want to sell, now is a good time. Inventory is low, demand is high.
The market is moving! Where do you want to call home?
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