And before going to the numbers, I would like to say that last month was crazy for me. I have been working with different buyers and it has been kind of difficult to find their places to purchase. Working with them, educating them, and getting more and more buyers consultation.
I honestly have had to change or tweak my buyer’s consultation a little bit since the market is tougher than before so of course, I am just trying to explain and give as much information as I can to the people who contact me but also, to give them or set the right expectations and talk specifically about the timeframe.
So, like every last video of the month in this video, I will be talking about the March numbers. Miami-Dade County total home sales posted a double-digit increase for the seventh consecutive month in March 2021. That means, the market continues to be on fire, yes, and the sales numbers jumped yes! And don’t forget to watch this video until the end because I will tell you how to obtain the full official report of Miami Dade County.
With that being said, last month March 1,550 single-family homes sold which is actually up 41.8% from February with 1093 closed and up 40.9% year over year from March 2020 with 1,100. 1,550 and up 41.8% from February wow and yet, with crazy limited inventory.
Please remember these numbers that I am giving you are just the resale market and single-family homes only. No condo, no townhomes. And this is not new construction either. New construction is also suffering because they can’t build fast enough for the buyer’s demand. I did a video talking about what is happening with new construction so check that out if you would like to know more.
The median sale price in March increased to $491,250 from $450,000 in February. That is a 9.2% increase from February 2021 and a 28.3% increase from February 2020 from $382,750. Impressive how the market has been changing, how the numbers have been going up and up. Let me tell you that is a huge jump compared to last year! Of course, the prices are related to the supply and demand. Because we are still seeing not enough inventory we are seeing an impressive buyer’s demand causing bidding wars and sending over the asking price. Meaning, when a new house comes to the market, 20-30 different buyers jump in and send their best highest offer to try to get it. A couple of weeks ago I uploaded a video on how to win these bidding wars so you can be up-to-date and with the right expectations. For those thinking or are asking themselves “ When is the housing market going to crash? ”, I have news for you. Sit tight because the data and the forecast tremendously show NO crash anywhere in the picture over the next 12-18 months.
This month shows something very interesting that I would like to talk about. Months’ supply of inventory for single-family homes decreased 56.4% to 2.4 months which indicates a strong seller’s market. In March 2020, we were still in a seller’s market but with 5.5 months supply of inventory. A big drop right? Now I don’t like to talk about the condo market since I think is a lot of information already and the video will last double than this but let me mention this particular thing about the condo market. I found that the inventory for existing condominiums in Miami decreased 30.4% to 8.7 months, which indicates a balanced market.
The previous month February was at 10.2 which was a buyers market. So that tells me that the condo market started to get affected (a while ago actually because I have been monitoring the decrease) by the buyers demand and I think that since there are not enough single-family homes, the buyers had to jump in to purchase condos. Now is a balanced market, will it decrease to the magnitude to be the same or with the shortage like the single-family homes? I am not sure about that. Let’s see how it goes.
Yes, I will keep talking about this because it is super important. I personally have been helping for the last weeks with Buyers that have been contacting me moving from other cities and states. Moving from Washington, NJ, NY and TX. I also have been getting calls from investors looking to find their best option in the city which in fact, I did a video a couple of weeks ago with a great option right now by getting a high return of investment by renting the units as short term rentals in Miami.
If this is something you would like to know more about, you have to watch that video in full. So yes!!! Indeed!! We are seeing more and more people moving and/or purchasing their second home in Miami because Miami is a multicultural city and a world-class city in a tax-friendly state.
MIAMI Chairman of the Board Jennifer Wollmann said. “Low mortgage rates, the increased availability of remote work, relocating companies, Miami’s advancements as a global center for technology and finance, and increased interest from international buyers have all played a role in rising home sales.” Our beautiful city is a very attractive one for people to move here.
Now let’s talk about luxury homes. Single-family luxury homes in Miami jumped 225% year-over-year to 312 sales in March and increased from February from 200. The highest home was sold for $39M a 10 bedrooms waterfront estate with over 18,000 Square Feet situated on Star Island. As you can imagine the Luxury Market is on fire too! People are moving!! We are in a robust market for luxury single-family properties.
We had a total of 1,892 new listings which is up from March 2020 with a 1,545 and 22.5% increase from last year. Even though we got more listings in March with 1,892 compared to February 1,594, we still need more new inventory. Sellers, you don’t have competition just yet!
As far as the median time to contract in March it took 28 days to contract a decrease compared to last month February and a 46.2% decrease from the previous year.
Let me give you some insights, the demand for South Florida real estate is obvious in the median time to contract. Like I just said, Miami single-family homes are going under contract in 28 days that is 46.2% faster than a year ago (52 days).
Miami condos are going under contract in 62 days that is 26.2% faster than a year ago (84 days). Right now or in the coming weeks is the season where we should see more and more inventory coming to the market which should help alleviate the lack of supply. That means that if you are thinking of selling your property, you should do it now before you get more competition so you can cash a great offer.
If you are worried because you need to sell and buy, shoot me a message to give you the best ways to do it. But you certainly don’t want to wait, let’s find your home’s new value. If you would like to schedule a meeting with me please complete the form below. You will be surprised by today’s value of your home.
If you are thinking of buying a house soon please look for help. Like I previously mentioned, I uploaded a very helpful video a couple of weeks ago where I give you some tips on how to win in this crazy market. If you would like to schedule an appointment with me and talk about how I can help, please reach out to me. All my info is below. If you are in another city or state thinking to move or buy your second home or investment, yes we can do a virtual appointment to meet you and see how I can help.
If you would like to download the full report provided by Miami Realtors, CLICK HERE!
Also, If you are thinking about buying or selling in Miami, CLICK HERE or you can call me at 786-376-2398.
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