NEWS: Miami Reaches Its Best February Sales in Residential Real Estate Ever
Miami continues to grow its post Covid popularity, adding more and more out of state and international buyers. Now enjoying its highest record in residential sales.
As the popularity for Miami keeps rising due to originally being one of the first to ease Covid restrictions, it is now reflecting such popularity into rapidly increasing sales on the real estate front.
A recent article on the World Property Journal, expands on this topic
According to the Miami Association of Realtors, Miami-Dade County real estate registered its best-ever February sales month as existing condo transactions surged by double digits for the 17th consecutive month. The red-hot market had a record January 2022 sales month and a historic 2021, which saw Miami shatter its all-time annual total home sales and total dollar volume records.
Since the Covid-19 pandemic and the increase in posibilities for remote work, people living in high-tax sates continued to leave those states in search for a better situtation. Moreover, not only individuals but several new-to-market firms followed that path as well.
Throughout the pandemic, housing has proved how it can lift the economy nationally and locally. For every two homes sold in the U.S., one job is created. The total economic impact or multiplier effect of a typical Florida home sale is $90,300, according to NAR.
Miami total dollar volume totaled $2.3 billion in February 2022. Single-family home dollar volume decreased 5.5% year-over-year, from $1.02 million to $964 million. Condo dollar volume increased 52.65% year-over-year, from $859 million to $1.3 billion.
Additional, having a continuous higher number of global vaccinations and unstable political situations around the world, Foreign buyers are increasing rapidly in South Florida - specifically in Miami-Dade county.
Vaccinated foreigners were allowed to resume travel to the U.S. back in November 2021 and that is leading to more international investment in South Florida - the No. 1 destination in the U.S. for foreign buyers. Global buyers purchase in Miami because Miami is a world-class global city with better real estate prices than other similar global cities. Foreign buyers feel at home with our incredible diversity and acceptance of all cultures, along with all our amenities.
As Miami continues its non-stopping rise, the real estate market in this city will continue to rise and therefore create endless opportunities for real estate agents. With this opportunities, challenges to provide the best services will also come up. Stay tuned for Tourday's upcoming useful tools.