TRENDS January 2022 Market Report
The Miami Beach single family home market has seen a 30% increase from 2020 to 2021 ($3.8M to $4.9M, respectively) year-over-year based on average sales price. Plus, the Miami Beach condo market has seen a 47% increase from 2020 to 2021 ($738K to $1.1M, respectively).
We're still seeing an influx of buyers coming from places like New York, Boston, Chicago and our friends from the West Coast in Los Angeles and San Francisco, in addition to the Canadians and the South Americans.
Buyers continue to display strong preferences toward turnkey, read-to-move-in homes, especially those that are furnished beautifully. When a home like this comes to market, it usually receives multiple offers and it snatched up quickly.
Buyers from the places mentioned above, specially in New York City and California, see value in the homes here in Miami, as pricing is around 50% less than what they're accustomed to in their home towns. These buyers are acting quickly when choosing their next home, which keeps it a very competitive market.
New York buyers are acting quickly, otherwise they risk being left out in the cold!
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