Miami Real Estate Posts Third-Highest Sales Month in History; Miami Condo Sales Surge for 18th Consecutive Month (Williamsburg: real estate market, insurance)

[Orionsdolph]

Miami Real Estate Posts Third-Highest Sales Month in History; Miami Condo Sales Surge for 18th Consecutive Month





"Homebuyers with positive cash flow, strong jobs and high equity are relocating to live in South Florida. The shift to working-from-home, Miami's fintech expansion and Miami's stature as the No. 1 U.S. destination for global homebuyers continues fueling demand."


"Months' supply of inventory for single-family homes decreased 29.2% to 1.7 months, which indicates a seller's market. Inventory for existing condominiums decreased 73.6% to 2.3 months, which also indicates a seller's market. A balanced market between buyers and sellers offers between six- and nine-months supply."


"The median number of days between listing and contract dates for Miami single-family home sales was 18 days, a 35.7% decrease from 28 days last year. The median number of days between the listing date and contract date for condos was 31 days, down 50% from 62 days."



"Miami Cash Sales 55.4% More than National Figure in March 2022

Cash sales accounted for 52.1% of all Miami existing condo sales and 28.2% of single-family transactions.

Existing condo median prices increased 31.1% year-over-year, from $305,000 to $400,000. Condo median prices have increased in 126 of the last 130 months."



April 20, 2022
https://www.yahoo.com/now/miami-real...201000587.html


April 21, 2022
https://thecapitolist.com/miami-real...th-in-history/

[wizrap]

Absolutely on fire!!!!

[thericardomello]

Incredible. But cash isn't always king — here's a list of 6 ways to compete in the Miami market: https://www.manhattanmiami.com/blog/...mpete-in-miami

[elchevere]

Originally Posted by thericardomello

Incredible. But cash isn't always king — here's a list of 6 ways to compete in the Miami market: https://www.manhattanmiami.com/blog/...mpete-in-miami

For perspective, I just got back from Williamsburg (Brooklyn)….a tiny 800 square foot 1BR condo gets $1.3 - 1.5M. Hard to believe but relatively speaking Miami, after the recent run up, is still a “bargain”, at least to some outsiders in even more expensive coastal markets.

[MiamiLIFE]

Originally Posted by elchevere

For perspective, I just got back from Williamsburg (Brooklyn)….a tiny 800 square foot 1BR condo gets $1.3 - 1.5M. Hard to believe but relatively speaking Miami, after the recent run up, is still a “bargain”, at least to some outsiders in even more expensive coastal markets.

You get more space, access to the beach, year round weather, no state income tax, a parking space and often a balcony. Miami definitely has gotten expensive, but still offers a lot compared to NY. I just got back from NY. Enjoyed the visit, but love Miami.

[jr8999]

Originally Posted by MiamiLIFE

You get more space, access to the beach, year round weather, no state income tax, a parking space and often a balcony. Miami definitely has gotten expensive, but still offers a lot compared to NY. I just got back from NY. Enjoyed the visit, but love Miami.

Each and every one of these items is exactly why I moved here after living in the Northeast my entire life. I still get the "I'm not really a Florida person" reaction from friends and relatives. GOOD! We don't want you here with that attitude. Have fun freezing your butt off all winter... and stop complaining about how crappy the snow storms are. Besides... It's not Florida! It's Miami. Wish I had the opportunity to move here decades ago.

[MiamiLIFE]

Originally Posted by jr8999

Each and every one of these items is exactly why I moved here after living in the Northeast my entire life. I still get the "I'm not really a Florida person" reaction from friends and relatives. GOOD! We don't want you here with that attitude. Have fun freezing your butt off all winter... and stop complaining about how crappy the snow storms are. Besides... It's not Florida! It's Miami. Wish I had the opportunity to move here decades ago.

Yeah I would have loved to have done this move 10 years ago. I love it down here more than I expected. And the heat thus far has not been remotely a problem for me. I have spent some time here during August and September before I made the move to make sure I could handle it. I didn't find August that bad. September was hot, but again I could easily manage it over the February in NY.

[elchevere]

Originally Posted by MiamiLIFE

Yeah I would have loved to have done this move 10 years ago. I love it down here more than I expected. And the heat thus far has not been remotely a problem for me. I have spent some time here during August and September before I made the move to make sure I could handle it. I didn't find August that bad. September was hot, but again I could easily manage it over the February in NY.

If you are judging it vs August and September of 2021 keep in mind we had a mild summer last year. Things seem to have warmed up a tad earlier this year, feeling hotter than usual beginning last month (rather than starting in late June)—at least from my perspective.

[logybogy]

Things are getting a little frothy in the real estate market here. Miami is due for a strong hurricane hit. It's been 30 years since Andrew and almost 100 years since the 1926 storm. I expect lots of the jonny come latelys to head back north after the first big blow and the real estate market to cool for years afterward. Namely, insurance will become a tremendous problem going forward after a $1 Trillion storm.

Nobody around remembers the last time Miami got 15 feet of storm surge.

[MiamiLIFE]

Originally Posted by elchevere

If you are judging it vs August and September of 2021 keep in mind we had a mild summer last year. Things seem to have warmed up a tad earlier this year, feeling hotter than usual beginning last month (rather than starting in late June)—at least from my perspective.

Fair point. With that said, the heat thus far hasn't kept me from going for a run or a bike ride. I expect it to get hotter, but I am so far surprised how nice it is given we are in June. I have some friends coming down this week from NY area. They will tell me "it's hot." LOL