For Real Estate, The Impact of the Pandemic Will Be Felt Long Into The Future
While the South Florida market was initially riddled during the spring of 2020 with steep sales declines and uncertainty brought about by COVID-19, it began shifting into high gear just weeks afterward –and it hasn’t stopped since. The numbers simply defy what anyone could have predicted pre-COVID, particularly in the luxury markets.
The metrics, noted within our Insight Q1 2021 report, reveal a historically red-hot sales period. For example, in Q1 2020, sales of single-family homes priced over $1 million represented 1 of every 12 homes sold in Miami-Dade County. For the first 2 ½ months of 2021, 1 of every 5 homes sold were in excess of $1 million. Million-dollar-plus condo sales during the same period in 2020 represented 1 of every 17 sales, compared with 1 of every 9 sales during the first 2 ½ months of this year.
This is not only good news for the residential real estate market, but also extremely positive for our overall economy — as many of these high-end home buyers also represent the leadership of relocating companies, which are rapidly bringing higher-paying jobs to our communities.
As you review the numbers and graphs that we have captured from our South Florida Multiple Listing Service (MLS) data, you will also see sharp declines in our inventories and available remaining months of supply, which points to increasing home values for all sectors.
Hopefully, you will find the information contained within our industry-leading market report to be helpful to you in planning your future real estate decisions. Please feel free to call on any of our 700+ managers or associates, if you would like to speak further about any of the information within these pages.