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May 2022

NEWSLETTER

Hello and Happy May,

I belong to the Master Brokers Forum in Miami. Here is the latest real estate blog.

"Real estate transactions involving condominiums of $1 million or more grew by 31.2% in the first quarter of the year compared to the same period last year, according to The Keyes Company Luxury Report.

Much of the growth in the South Florida luxury market was in the condominium sector. Single-family homes transactions remained mostly flat, with slight average and median price decreases compared to the first quarter of 2021.

Across Miami-Dade, Broward, Palm Beach, St. Lucie and Martin counties, there were 1,433 million-dollar condo sales in the first quarter of 2022. The median price was $1.76 million, a 6.5% increase year over year.

Much of the demand came from people seeking retirement, vacation or investment properties. The top three states for incoming buyers were New York, New Jersey and Massachusetts.

Miami-Dade had the biggest spike in luxury condo sales with 837, a 42.8% increase from the first quarter of 2021.

Housing inventory of all kinds remained low, and average days on the market dropped across the region.

It’s an optimal time to be a seller in luxury real estate in our region.”

The Joelle Team has over 20 years of experience in the South Florida real estate market. We have helped our clients navigate market successfully with record breaking sales achievements on our listings and negotiated optimal pricing on purchases.

Warm Regards,

Joelle

OUR LATEST REVIEW...

We have been working with Joelle for couple month and strongly recommend her . She is very honest and transparent person . She always takes your side and gives you good advice such as accepting offer or not despite her interest. She will spend as much time with you as you need and always answer your phone or text. Thank you , Joelle , for everything you do for us. With your help we hope to find apartment soon. OLEG K.

MIAMI REAL ESTATE TRENDS

Miami Real Estate Posts Third-Highest Sales Month in History; Miami Condo Sales Surge for 18th Consecutive Month

“Demand is driving the Miami real estate market and the lack of housing supply continues to fuel property appreciation and record sales,” MIAMI Chairman of the Board Fernando Arencibia Jr. said. “Until we see new listings outpace active listings consistently month over month, our market will continue its current trajectory even in the face of increasing interest rates. Homebuyers with positive cash flow, strong jobs and high equity are relocating to live in South Florida. The shift to working-from-home, Miami’s fintech expansion and Miami’s stature as the No. 1 U.S. destination for global homebuyers continues fueling demand.”

Miami luxury condos boast an inventory of 5.8 months of supply, portending more future growth in the sector given the high demand. There are 3.5 months of supply in luxury single-family homes. Luxury months of supply continues to trend downward for all property types because of the robust demand.

Homebuyers leaving tax-burdened states to purchase in Florida (no state income tax), new-to-market firms moving here, low interest rates, the appeal of property as an inflation hedge, rising wages and accrued savings in lockdowns, strong equity market performance, a reassessment of housing needs and lifestyles because of the pandemic and expansion of remote work are all factors driving South Florida real estate demands.

- According to MiamiRealtors.com