According to economists and Miami-Dade real estate experts, they say that the increase in prices to buy houses in the area, may bring with it the next year, a point at which many people will not be able to afford to own a housing, while more wealthy professionals from other parts of the country continue to move here and buy houses and condos.
According to El Nuevo Herald , the housing market has also led some homeowners to stay on the sidelines, opting to stay in their homes rather than looking to sell and buy another home in what appears to be the upper end of the cycle. residential real estate.
Last week, the Miami Association of Realtors released the latest housing data showing this double-edged sword. The median price to buy single-family homes in the county in November rose to $ 502,750, up 11% from $ 450,000 a year ago. For its part, the median price of condominiums soared 28%, to $ 346,000, compared to $ 270,000 last year.
Of the 1,168 home sales closed last month, 98% of buyers paid full price.
Also, in closed condo sales, 97% of buyers paid the sale price. This highlights the strong demand to live in Miami and confirms that many buyers, often from out of state or out of the country, have the money to pay for homes and condos, even as prices continue to rise.
Similarly, frantic sales activity in 2021 saw the county’s 35,961 single-family and condo sales surpass the 2013 annual record by 11 months. Strong sales volume has largely depleted the supply of remaining homes. the market here.
