Miami has in no doubt been affected by the pandemic for the last two years. The same can especially be said about the real estate market. The dramatic decrease in buyers during the beginning of the pandemic has caused long-term implications. What is now occurring is a sudden increase in buyers, but a decrease in properties to buy. This in turn has led to a highly competitive market in the biggest city in Florida.
Miami, host to one of the biggest real estate markets in the country, has become victim to lower property counts but a massive increase in buyers. This, unfortunately, has the expected effect: low supply, high demand. As a result, prices have soared. Despite all of this, closings have increased tremendously from last year. Miami Beach has had almost four times as many closings as it did last year. However, supply is down as there is currently only around four and a half months’ worth of active listings. In comparison, there was almost ten months’ worth in the beginning of the year and around thirty-eight last year. Clearly there is a shortage of properties but that is not stopping price increases and the number of buyers that want to take advantage before anything drastic happens.
Miami has become one of the most sought out places to work now that the option to work remotely is available and lockdown has been easing, however this could all change if the recent increase in COVID cases continues.
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Learn more about Italian-born real estate developer Ugo Colombo, CMC Group President.