Still too early to make a proper assessment on the South Florida real estate market due to Covid-19, the early indicators for homes are what anyone would anticipate after a lockdown.
A general sentiment within the brokerage community and a sense we are witnessing here in May with communities slowly reopening is an increased demand for a spacious home with a pool and entertainment space where a family’s privacy is safe and open for enjoyment. Now more than ever, a private home is the ideal quarantine center for families seeking great space to be together and entertain with fewer restrictions or confinement compared to condo living. New Covid-19 home trends will be addressed in a separate blog post.
Looking at the $1m and up property market for Miami-Dade County, I’ve isolated Miami’s single-family home market for April 2019 to April 2020 with the graphs and statistics found below.
HOMES $1m+ Miami-Dade County
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“Homes will do better in terms of condos because there’s an oversupply of condos and buyers are looking for homes with low density. I’ve gotten several calls from northeastern buyers saying they were thinking of a condo before the pandemic but then decided to buy a single-family home.”– Miami Herald
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