Miami Real estate posted its best July sales month in history. Right now, the market is on fire. Demand is extremely high, and lots of companies and individuals are moving to South Florida. In addition, mortgage rates are still low. During the month of July, home sales rose 57.7% YoY. Single family home transactions surged by 15%, while condo sales jumped 103.7%.
This has already been a historic year for the Miami real estate market. This was proven yet again with this incredible record of the best-ever July sales month.
There are many factors that have contributed to the boom in demand for South Florida real estate. Because of the pandemic and the rise of remote work, many people from high-tax states opted to move to Florida. In addition, due to unstable political situations, and the acceleration of vaccine administration, the area has also been seeing a lot of foreign buyers.
July marked the fifth consecutive month where Miami real estate posted record sales (March, April, May, June, and July). Right now, the condo market in the area has 4.9 months of inventory, while the single family home market only has about 2.2 months.
Many of the people relocating are taking advantage of the available condo inventory. Especially for international buyers, condos are extremely popular. In fact, Miami is the number one market for foreign homebuyers right now.
Furthermore, lack of inventory in certain price-points is impacting sales. This is more for single-family homes. More inventory is expected to come to the market soon.
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