The Most Comprehensive Report On The Luxury Lifestyle
Berkshire Hathaway HomeServices, the defining voice in the luxury real estate industry, and The Wall Street Journal’s Mansion Global Custom Studios bring you the 2021 Global Luxury Landscape Report.
The report delves deeply into the inner workings of the world’s interconnected luxury industries, and the impact the pandemic has had on consumer behaviors in popular sectors such as real estate, automotive, yachting, private jet aircraft, and more. It is a must-read for anyone looking to understand the various factors that affect the luxury market as a whole.
South Florida, among other top cities and regions across the globe, was at the center of the conversation. The report highlights how increasing interest in South Florida from buyers across the United States has caused demand to surge far beyond what supply can support. This has led the Median Price of a single-family home in Miami-Dade County, for example, to increase from $378,000 in February, March, and April 2020 by 29.6% to $490,000 in the same period of 2020. The Median Price for the three months of May, June, and July 2021 increased further to $505,000, constituting a 30% year-over-year increase in Median Price.
Not only are single-family homes selling for more, but they are also selling in record time. For the three months ending in July, 2021, the average time on the market for single-family homes across Miami-Dade and Broward Counties was 39 days, compared with 70 days one year prior—a decrease of 44% in days on market.
The majority of newcomers are in their 30s and 40s and are moving with their companies in the technology, financial, healthcare, and other popular industries. But moving as a result of a company-wide relocation is not the only reason many are deciding to make South Florida home. The growing popularity of remote work has allowed many the ability to make the move, purely for personal and tax purposes. If you could work wherever your heart desired, why not South Florida?
Perhaps the most talked-about question among buyers and sellers of South Florida real estate is…will this momentum in the market continue?
I think these trends will continue through the end of the year. I don’t see any financial fallout at all. We’re seeing the highest prices we’ve ever seen, and I think that trend will continue.Ron Shuffield, President & CEO | Berkshire Hathaway HomeServices EWM Realty
As South Florida sees more increases in the number of new residents, locating good real estate opportunities can become a challenge—but not for those with the right knowledge and experience. Our Associates are among the best in the industry and have helped countless buyers and sellers successfully navigate ultra-competitive markets such as the one we currently find ourselves in. After reading the report, we invite you to connect with one of our elite Associates to have an open and honest discussion about your real estate needs and how we can help.