Video Courtesy of: Brickell Condo Real Estate/Youtube
Miami is on fire! The first quarter of the new year experienced a super boom in demand fueled by pandemic fleeing individuals and companies. Let’s see how much with year over year analystics.
Median price per sqft increased by $31/sqft from $368/sqft to $399/sqft. Sales volume skyrockets from 209 closed sales to 391 closed sales; an increase in 182 sales. Median marketing time dropped by 38 days from 193 days to 155 days on the market. Median negotiability remained stable at 5%. However, cash transactions dropped from 46% of the sales volume to 39% as more buyers close with financing over cash with interest rates at an all-time low.
Median rental price decreased slightly from $2575/month to $2500/month, a $75/month reduction. Median price per sqft demonstrated a negligible decrease from $2.69/sqft to $2.68/sqft. Rental volume skyrocketed from 715 transactions to 1151 transactions, accounting for 436 more transactions. Median days on the market rose by 3 days from 42 days to 45 days. Median negotiability disappeared as it dropped from the long held 3% to 0%.
Median sales price dropped a bit by $15,000 from $365,000 to $350,000. Median price per sqft rose by $26/sqft from $336/sqft to $362/sqft. Sales volume rose by 63 transactions from 102 to 165 closed transactions. Median days on the market dropped by 71 days from 183 days to 112 days. Median negotiability fell by 1% from 6% to 5%. However, cash transactions decreased its market share from 41% of the sales volume to 38%, as more buyers opted for financing over cash with interest rates at an all-time low.
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