Miami’s Premier Waterfront Single-Family Home Trends Post-Covid

With residential property in Miami discounted up to 65% off the original list price values, the time to own South Florida real estate is ideal. From Florida’s awesome tax incentives to clean, healthy living and beautiful people, there are few places globally that offer the lifestyle found here in Miami.

From the graphs below, we can clearly see the current market shift of Miami’s Premier Waterfront Single-Family Home Trends post-COVID. Although the charts show dates delayed by almost a month, the single-family home market in Miami and especially well-priced waterfront real estate is in high demand.

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👆 Miami’s home inventory began decreasing in late February and went off the cliff as of May with the experiences many felt from Covid-19. Some of the inventory decreases may be due to sellers taking their homes off the market such as ourselves; I can’t imagine being in a condo after having ample space, privacy, and a swimming pool to entertain the family. A sentiment that MANY also share upon confinement. We can also see where pending contracts doubled upon the reopening here. Sold homes are up 47% May over July 2020 and yet relative to the year over year (YOY) sales of 2019.
👆 Here we see Miami homes sale price per square foot (SP$/psf) doing well at the start of the year and with another swift boost of sold values from June to July 2020 but with high values also noted the same month in 2019.
👆 Buyer’s are noting an average 12% discount from the latest list price values. We also see the days on market (DOM) with a fast jump in July and just over 6 months to sell when priced well.
👆 Sale price values surged in June with an average sale price of $2.639M. Seller’s may be seeing the market shift & the upside for a premium as the list prices also trend upwards.
👆 Supply and demand fundamentals are transitioning to a strong seller’s market for single-family homes as supply continues to decrease since our local reopenings post COVID-19.

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