Miami Beach Luxury Homes; The Big Boys Are Back In Town. Wealthy CEOs and hedge-fund managers are flocking to Miami for the tax breaks, and it’s creating massive waiting lists at the area’s elite private schools. And while the big boys are back in town, the question arises, what will happen to single-family home values in the year ahead?
Miami Beach Luxury Homes
The Miami Beach residential home market now borders in favor of sellers with around an 8-month supply of homes. Here are the graphs for Miami Beach homes priced above $1M, showing us a trend analysis over this last year. From the June 2020 escalation trend, we may assume Covid-19 lockdowns, global closures, and the “new norm” have many seeking an ideal environment and location to thrive with what we believe has South Florida in the forefront and so many eyes now on Miami. Currently and primarily a domestic buyer pool, once travel restriction eases, the International draw could place residential real estate values into overdrive, and yet, as they say… time will tell.
• Down 4.5% compared to last month
• Down 27.6% compared to last year
Home Closed in November 2020: 34 units.
• Up 17.2% compared to last month
• Up 183.3% compared to last year
Home Placed under Contract in November 2020: 43 units.
• Up 4.9% compared to last month
• Up 290.9% compared to last year
• Up 43.2% compared to last month
• Up 4.5% compared to last year
Average Median Sold Price in November 2020: $3600
• Up 82.7% compared to last month
• Up 25.2% compared to last year
November 2020 Average For Sale Price is Neutral*
Average For Sale Price (in thousand) in November 2020: $5753
• Down 4.8% compared to last month
• Down 4.1% compared to last year
November 2020 Average Sold Price is Neutral*
Average Sold Price (in thousand) in November 2020: $5739
• Up 53.4% compared to last month
• Up 8.5% compared to last year
• Down 32.2% compared to last month
• Up 8.5% compared to last year
November 2020 Sold/List Price Ratio is Rising*
Sold/List Price % in November 2020: 92%
• Up 2.2% compared to last month
• Up 2.2% compared to last year
• Down 17.9% compared to last month
• Down 74.4% compared to last year
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