South Florida home prices are up again!
Historical high prices continue to climb from month to month in Miami-Dade County, as sales price for a house rose to $491,250 up by 9%. Condo prices rose as well to $305,000.
Broward also hit a record with sales price for a house at $445,000, and Condo prices rose from $200,000.
“Miami is a multicultural, world-class city in a tax-friendly state, and home buyers in tax-burdened states have pent-up demand to live, work and play here,” said Jennifer Wollmann, Miami Chairperson of the Miami Realtors Association. “Low mortgage rates, the increased availability of remote work, relocating companies, Miami’s advancements as a global center for technology and finance, and increased interest from international buyers have all played a role in rising home sales.”
With inventory so tight, sellers are able to get what they ask, as houses are closing at
97.3% of the asking price. The number of condo sales leapt by 80% year-over-year.
The Palm Beach’s real estate market has escalated as if on-steroids.
Residential sales volume in town during January, February and March exceeded $1.2 billion!
“The Palm Beach market continues to be white-hot,” John Hackett, Corcoran’s regional senior managing director said.
The spark in sales affected single-family properties, townhouses and the long-sluggish condominium market.
“The substantial increase in activity across all housing types is a sign that people simply want a piece of South Florida to call their own. Interest in the region as a primary home destination continues to accelerate. Buyers are taking advantage of their ability to work from anywhere, and those lured here by the climate are staying because of the attractive cost of living and considerable tax advantages,” Hackett said.
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