As of early April 2022, Norada reported that the Miami real estate market continues to break records due to pent-up demand and low mortgage rates which continue to fuel real estate transactions. Other hot points include:
- South Florida’s home prices continue to climb and inventory remains low.
- It is a seller’s market with many sellers getting top dollar.
- The demand for South Florida real estate has been increasing since July 2020 because more people and businesses are relocating from high-tax, high-density areas (no income tax, pro-business).
- Miami-Dade County real estate posted its best December sales month in history as it ended its historic 2021 with myriad year-end records including the most all-time annual total home sales, highest annual total dollar volume, most single-family home sales, most condo transactions, and more, according to the MIAMI Association of Realtors and the Multiple Listing Service (MLS) system.
- Total home sales in Miami-Dade County increased 14.8% year over year in December 2021, from 2,990 to 3,433.
- While single-family home sales in Miami decreased by 1.2 percent.
- Existing condo sales increased by 28.4 percent. This is the 15th consecutive month of condo gains in the double digits year over year.
- Miami single-family homes priced between $400K to $600K increased 25.6%.
- Miami’s existing condo sales priced between $400K to $600K doubled, increasing 101.7% to 359 transactions.
- A market that is balanced between buyers and sellers offers a supply of between six and nine months. This is the historical statewide benchmark for the monthly supply inventory available for sale.
Realtor.com stated that at the end of 2021, the median listing home price in Miami-Dade County, FL was $465K, trending up 12% year-over-year.
- The median listing home price per square foot was $345.
- The median home sold price was $440K.
- Homes in Miami, FL sold for 2.03% below the asking price on average.
- The sale-to-list price ratio was 97.97%.
- Ideally, a buyer would prefer a sale to ask price ratio that’s closer to 90% while a seller would always prefer scenarios that can yield a ratio of 100% or higher.
Redfin gives the Miami area a score of 19 out of 100, considering it is not very competitive.
- Homes in Miami receive two offers on average and sell in around 56 days.
- The median sale price of a home in Miami was $459 in December up 22.4% since last year.
- On average, homes in Miami sell after 56 days on the market compared to 63 days last year.
- There were 1,553 homes sold in December this year, up from 1,430 last year.
- Hot homes can sell for around the list price and go pending in around 24 days.
Miami Real Estate Market Predictions 2022
According to NeighborhoodScout’s data, Miami real estate appreciated 152.88% over the last ten years, which is an average annual home appreciation rate of 9.72%, putting Miami in the top 10% nationally for real estate appreciation. In the last twelve months, Miami appreciation rates continue to be some of the highest in the U.S., at 16.59%
- Miami-Fort Lauderdale-West Palm Beach Metro home values have gone up 22.3% over the past year and Zillow predicts they will rise 16.2% in the next twelve months.
- Miami-Dade County home values have gone up 20.6% over the past year and will continue to rise in the next twelve months due to the supply-demand imbalance.
- Palm Beach County home values have gone up 26.6% (current value = $406,835) over the past year and will continue to rise in the next twelve months due to the supply-demand imbalance.
- Broward County home values have gone up 21.4% (current value = $364,902) over the past year and will continue to rise in the next twelve months due to the supply-demand imbalance.
- The typical home value of homes in Florida (statewide) is $342,077 (middle price tier of homes).
- Florida home values have gone up 26.7% over the past year and will continue to rise in the next twelve months.
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