Luxury single-family homes, priced $ 1 million and up, jumped amazing 120,3% year-over-year. There were 163 units sold in November 2020. Luxury condos also had an expressive increase of 88,2% in November, compared to the same month last year, with 96 units sold.
Miami single-family homes priced between $400K to $600K surged 50.4% year-over-year to 352 transactions in November 2020. Miami existing condo sales priced between $400K to $600K increased 68.3% to 138 transactions.
In the beginning of the pandemic people started looking for single-family homes. However, sellers avoided showing them afraid of contagion. Inventory dropped and people starte competing for the same house, raising prices. Low inventory motivated new buyers to start looking for other types of properties, that could offer the same solutions for pandemic times, such as large rooms and low-density neighborhoods. Luxury condo offer many of those characteristics and offer an advantage over single-family homes: luxury amenities.
Now is a good time to invest in luxury condos in Miami. Inventory is high and prices plummeted. It is a buyer’s market.
AMG International Realty is a full-service brokerage firm in Florida. If you are interested in buying, renting or selling Real Estate in Florida, please give us a call today: +1 (305) 318 6968 (Heloisa Arazi). We are your one-stop-shop Realty in Florida.