Miami Real Estate Report March 2022 Statistics

The intense Miami real estate market is still strong but showing signs of easing. New pending sales of condos was down 14.8% which is the first decline since the start of the market upswing. Condo dollar volume at $1.9Billion, a 41.5% increase, show that higher end properties are being sold. With less available inventory and new sales slowing somewhat, increases in prices are projected to be less aggressive but still rising.?????????

With more than 28% of single family home sales and 52% of condos sales paid in cash, the increases in mortgage interest rates will have less of an effect here.????????????????

U.S. buyers, especially from the Northeast, Illinois and California, realizing the quality of life and tax benefits that Florida offers, are buying or making plans to. And with the influx of the Tech and Finance industries Miami is viewed and a sound and solid market.?

KEY NUMBERS, Compared to March 2021

·?Number of Condo Sales Up 14.9%

·?Number of Single Family Sales Down 9%

·?Median?Condo Price - Up 31.1%

·?Median Single Family Price Up 9.9%

·?Inventory (Active Listings)

Condos Down 54.7%

SFH?Down 20.8%