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Residential inventory drops in Miami

Residential inventory drops in Miami

People’s concerns regarding the effect of the Coronavirus in the South Florida Real estate market keep rising, and more studies results keep arriving with more interesting facts. This time it has to do with the drop of the residential inventory in the past weeks.

According to one of these studies, which researched the number of new listings (condos and single-family homes) in the most populous metro areas in the US. from March 1st- April 5th compared to the same period last year, the Miami metro area showed a drop of 30.7% in new residential listings. In the ranking, Miami was classified sixth, which shows there was a major fall compared to the rest of the country.

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Posted by on April 17, 2020 in News

 

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COVID-19 and Miami real estate? So far, so good…

COVID-19 and Miami real estate? So far, so good…

It seems strange and unreal that real estate hasn’t shown a dramatic slow down in sales due to the Coronavirus crisis, but that is exactly the case for Miami-Dade County. Real estate hasn’t suffered as much as most of us thought it will. Pending contracts keep converting into closed sales and sales keep increasing month to month. With 465 closed sales of single-family homes in the first half of March and 557 closed condos, there was a 4.5% and 14.1% increase respectively compared to the first 2 weeks of February.

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Posted by on April 2, 2020 in News

 

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