Miami real estate market data from the week ending on July 11th has been released. This recent report confirms what I’ve been experiencing on the ground in the second half of the summer as covid cases spike. Overall, we’re seeing very low inventory and lower interest rates, making the climate unusually competitive for buyers in our high-end neighborhoods. Buyers are highly motivated to take advantage of very low interest rates, making it profitable to be a seller right now.
Total inventory is down nationwide by 32%, new listings were down 19% and the median listing prices grew 7.9%. Would-be spring buyers are making up for lost time, shopping in what would normally be summer vacation season as they prepare for more virtual learning and working from home orders this fall. These conditions have definitely been reflected in our extra jam packed appointment books. When the buyers do start hunting they are met with more expensive options in a limited pool. It’s my professional opinion that now is an excellent time for sellers to jump in! Today’s sellers will find an unprecedented level of buyer interest, quicker transaction times, and higher returns on average. Reach out to benefit from my guidance through this process. I look forward to working with you as we face historic market conditions. Make use our Market Report features to see the latest sales and homes under contract in Coral Gables, Coconut Grove, and Pinecrest.