Miami Market Real Estate

Miami Housing Market


Bill Gardner and Global Luxury Realty have become a staple in the South Florida market, especially in the Miami area, where Global Luxury Realty has been headquartered since its genesis. The Miami market has been, perhaps, the most interesting market in the US, with its flood of crypto money and international businesses moving in. Miami home sales continue to surge, despite rising mortgage rates and daunting prices. Demand remains very high, while inventory has steeply declined.


The Miami Association of Realtors reports April-to-April sales were slightly down from 2021 in Miami-Dade County, largely due to limited inventory. Miami active listings decreased by 42% overall with condo sales decreasing by 7.4% and single-family homes by 21.3%. Still, the Miami Dade home sales pace counted the seventh best month in history, and the second most sales ever in April. Miami counted 3,445 sales last month vs. 3,960 in April 2021. The historical sales average for April is 2,306. April 2021 sales were strengthened by the combination of the COVID pandemic and lower mortgage interest rates.


The luxury condo market stands out with sales of condos at $1 million and above remaining almost identical to April 2021. Single family luxury home sales showed a marked decrease of 31.2% due to low inventory, according to the Association report.


Median home prices increased for both single-family homes and condos. Single-family home median prices increased 9.7% over April 2021 from $515,000 to $565,000. That makes a record streak of 125 consecutive months (over 10 years) of increases. Existing condo median prices were up 20% over 2021, from $325,000 to $390,000, and have risen for 127 of the past 131 months.


Fernando Arencibia Jr., Chairman of the Board of the Miami Association of Realtors, believes that higher interest rates will slow down skyrocketing prices, but that “inventory will tell the tale.” Chairman Arencibia Jr. sees “opportunities for buyers to have more choices, with a slight increase in days on market and fewer bidding wars.” The Association report also noted, “With global vaccinations rising and unstable political situations around the world, South Florida is seeing an increase in foreign homebuyers. Global buyers are coming here for the vaccine and purchasing property.”


The Miami market continues to be hot, despite rising interest rates and low inventory. Prices seem likely to continue to increase, although maybe at a slower pace. Global Luxury Realty is positioned to take advantage of this hot market, and to do its best to buy and sell to the best advantage of its customers with the expert help of its agents using top-of-the-line tools, like Dotloop and kvCORE.