Medium sale prices for houses and condos in both Miami-Dade and Broward counties have slipped or stayed flat per data published by the Miami Realtors Association. Does this mean that South Florida home prices are finally calming down?
The short answer – probably not. While prices have dropped – in Miami-Dade county, there was a 3% drop in the spring, even with a high number of transactions or remained steady for condos, prices are still much higher than they have ever been. Overall, prices are 20% higher than the previous year. There was a brief slip in February 2021 before they rose back the following month.
The dip is forecasted to be temporary, with no indication that pricing will fall back. The number of home sales during 2020 in Miami grew from 1,297 to 3,546 – single-family homes surprisingly did not see the biggest increase, instead, condo sales rose by 286.5% as compared to a single family increase of 85.3%. The median home sale price increased from $375,714 to $500,000 in just a year, while condos increased from $260,000 to $325,000.
Closing prices have increased, up 3.1% for single-family homes and 2.9% for condos. To increase the chances of buying a home, cash buyers have risen above the national average, sitting at 38.9% of all home sales (the national average is 23%).
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