Every year the housing market takes a turn. Some years it is a positive turn for sellers and a negative one for buyers while others have it vice versa. That is why real estate experts everywhere adjust their forecast to prepare themselves for what might be coming down the pipeline. While a year-by-year forecast can prove helpful, a quarterly finding can help you more accurately plan for your sale or purchase.
Here is the state of the market for fall 2021 in Miami and how it might affect you (this being said, Miami-Dade is a massive county and the market is significantly different city-by-city and neighborhood-by-neighborhood; if you would like a more personalized assessment please don’t hesitate to reach out).
The General Landscape
Let’s begin with some numbers.
Right now, in Pinecrest, most homes are selling for 2.1% below their asking price, with median listing prices up 11.6% year-over-year.
In Coral Gables, homes are selling for 1.7% below asking prices, with median listing prices up 2.1% year-over-year.
Homes are selling for their asking price in Palmetto Bay, with median listing prices up 16.3% year-over-year.
In short: we’re in a seller’s market.
What does that mean for you? Well, realtors are seeing that the market is strong for those looking to sell as inventory is low. This means that houses are going much faster, and sellers often have their pick of buyers to select from.
For this reason, the market is strong for seller’s and the demand is certainly high. With this in mind, if you are in the market to buy a home it’s vital to get a realtor that has experience in the area, as they normally have worked with the seller’s agent in the past and can present a stronger offer even if it isn’t the highest price.
Forecasting South Florida and Recent Events
South Florida is a beast. This is something that many of us already know. From the booming housing market to the influx of new buyers looking for a place to call their own, it can seem like a rat race..
While condos typically costing $1 million or more saw a rapid surge in demand this year (including a 300% boost in sales from January through May), there might be a decline on the horizon as sellers look for an escape and buyers tread the waters lightly. While it is still uncertain how the collapse will affect the market, a lot of consideration is happening across the board.
What the Numbers Say
There is good news for buyers ultimately, and her name is lower mortgage rates. This can be a big win for those looking to buy at a more affordable long-term rate. And even though there might be many buyers in the ring, there is hope. You can still find something that fits your lifestyle, your budget, and your desired location.
A 172.6% increase in total sales from 1,297 in May 2020 to 3,536 in May 2021 and a median sales price jump of 33.1% signals opportunity for those looking and those selling. The catch? It might cost you a bit more (unless you’re considering a cash purchase).
The Bottom Line
If you’re looking for a home in Miami, it might seem impossible, but it’s not. It takes strategy, a good understanding of the market around you, and a skilled realtor to navigate you through it all. We have seen success after success, and we get the job done. Let us help you get into the house of your dreams this fall.