Miami’s Waterfront Home Trends Post-Covid

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Miami’s waterfront home trends post-Covid are fascinating. 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, few places globally 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, 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 inventory decreases may be due to sellers taking their homes off the market like 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% from May to July 2020 relative to the year-over-year (YOY) sales of 2019.
👆 Here, we see Miami home’s sale price per square foot (SP$/psf) doing well at the start of the year and with another quick boost of sold values from June to July 2020 but with high values also noted the same month in 2019.
👆 Buyers are noting an average 12% discount from the latest list price values. We also see the days on the 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. Sellers may be seeing the market shift & the upside for a premium as the list prices 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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