Real Estate Market Miami-Dade and Broward

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Real Estate Market Miami-Dade and Broward
How was the Housing Market for Miami Dade Broward in 2019?
MIAMI — Miami-Dade County total home sales surged double digits in December 2019 thanks to a robust increase in mid-market and $1-million-and-up transactions, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.

Miami-Dade County Total Home Sales Jump 16.4%
Miami total home sales increased 16.4%, from 2,083 to 2,424. Miami single-family home sales increased 16%, from 1,012 to 1,174. Miami existing condo transactions jumped 16.7%, from 1,071 to 1,250.

In the luxury Miami-Dade market ($1-million-and-up), Miami single-family homes jumped 35.9% to 106 transactions. Luxury Miami existing condos surged 47.5% to 87 transactions in December 2019.

Eight Consecutive Years of Price Appreciation in Miami
Miami-Dade County single-family home prices increased 7% in December 2019, increasing from $355,000 to $380,000. Miami single-family home prices have risen continuously 8-plus years. Existing condo prices increased 4.3%, from $235,000 to $245,000.

Miami’s Cash Buyers Represent Almost Double the National Figure
Miami cash transactions comprised 33.9% of December 2019 total closed sales, compared to 34.8% last year. Miami cash transactions are almost double the national figure (20%).

The verdict: Seller’s Market for Single Family Homes, Buyer’s Market for Condos
Real Estate Broward County 2019
Broward County Residential Sales Single Family Homes
Single family homes priced 700K-1M show strongest seller’s market with an increase by 49.3% and a decrease in inventory 6.4%, also single family homes in Broward, priced 1M-2M are selling very well indicating strong seller’s market 16.3% increase and 7.4% decrease in inventory.
Real estate inventory shortage in a single family homes, close to 30% decrease in the lowest price ranges
Total home sales increased 12.2-to 56.3%, with the highest increase of single family homes 1M-2M
Broward county condominium market:
Condo sales in Broward in the lowest price bracket increased by 1.7% , inventory decreased by 6.2%; condo sales in the category 250K-350K increased by 8.5%, inventory decreased by 5.7%, 350K-500K- increased by 23.9% and condo inventory increased by 6%; best-selling condominiums in Broward in 2019, 700K- 1M with 58% increase, and increase in inventory 6.4% and condos price range 1M-2M, show increase 28.6% and inventory decrease 0.9% - strong seller’s market in this category of condo market in Broward.
Sellers market in 1M-2M price range in Broward County real estate in both categories- single family homes and condo sales .

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👉 Real Estate Market Forecast 2020, https://youtu.be/VZAgGqqIOvs
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