Welcome to the September issue of my monthly market update for Miami Dade County. In this video, I will be going over August 2020 insane numbers.
Last month 1,357 single-family homes got sold which was up 13.7% from July and also up 16.6% growth from August 2019.
Again, we are seeing an urgency from buyers to buy their home but also, buyers in need of looking for bigger space and buyers taking advantage of an opportunity we have never had before in history with the low-interest rates we are seeing right now.
Last month 1,622 SFH hit the market which increased from the previous month with 1,497 homes. So the supply is down year over year meaning a -32.2% decrease from last year with a 4 months supply. That is good for sellers because the market is pretty competitive with pricing which is my next point.
The median sales price went from $410,000 in July to $416,000 in August. Again this is another record high when it comes to the median sales price. That put us up 1.5% from July and 12.4% from August 2019. It is related to supply and demand. Buyers are still competing against multiple offers scenarios. Sellers, list your property now to take advantage of what we are seeing.
Let’s talk a little about luxury homes. Let me go over super quick about higher price homes. So in July 211 properties of $1M or more were sold with a $23.5M as the highest property sold. In August 226 properties got sold and THAT is another record since the whole or actual situation. The highest property sold in August was $32.5M. The median price value for $1M homes was $1,675,000 M in June and $1,776,000 in August. And again, an increase, right?
The housing market continues to recover strongly, fueled by low mortgage rates. So we need sellers, I’ve been saying this for the last couple of months now and this is happening nationwide.
Last month we had 1,592 homes that went under contract and that is slightly lower than the previous month with 1,692. So if your property is taking longer to sell is because of something and if that’s the case you need to reconsider a new strategy.
Yes! The market is crazy!! Keep in mind that I am here to be resourceful and to keep you updated about the truth of the market and the numbers. And you know that the numbers don’t lie. The data is there. You need to be educated and updated. If you would like to know more information about a specific area or zip code, in more detail, or if you would like to know the real value in TODAY’S market of your home I will leave a link below so you can get this information for FREE. I will also leave some links for buyers so please check below.
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