So far in 2021, residential real estate experts are reporting a powerful new wave of buyers, increasing the demand on an already low housing inventory throughout Miami-Dade County.

The powerful new wave of domestic buyers, purchasing more expensive primary residences and second homes with longer stays, is a also direct result of the pandemic catapulting the remote working trend, tax reform creating tax refugees, Florida’s no state income tax, and the influx of technology and finance companies; not to mention the quality of a sun-kissed life!

Comparing January through April of this year to 2020, the statistics show that huge amounts of money are pouring into Miami Real Estate.

Looking specifically at the Miami Beach condominium market, in 2020 there were 504 closed sales at a median price of $349,700. Fast forward to 2021, there were 1,122 sales with a median price of $525,000. That’s a 123% jump in transaction volume.

The condominium 2020 average sale price was $695,693 compared to 2021’s $1,351,555; this shows that higher ticket homes are ever more present in the mix of what is currently sold.

(source: miamitodaynews.com)