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The Big Boys Are Back In Town; Miami Beach Edition.

Wealthy CEOs and hedge-fund managers are flocking to Miami for the tax breaks, and it’s creating massive waiting lists at the area’s elite private schools. And while the big boys are back in town, the question arises, what will happen to single-family home values in the year ahead?

The Miami Beach residential home market now borders in favor of sellers with around an 8 month supply of homes. Here are the graphs for Miami Beach homes priced above $1M showing us a trends analysis over this last year. From the June 2020 escalation trend, we may assume Covid-19 lockdowns, global closures, and the “new norm” has many seeking an ideal environment and location to thrive with what we believe has South Florida in the forefront and so many eyes now on Miami. Currently and primarily a domestic buyer pool, once travel restriction eases, the International draw could place residential real estate values into overdrive, and yet as they say… time will tell.

Home For Sale in November 2020: 278 units.
• Down 4.5% compared to last month
• Down 27.6% compared to last year

Home Closed in November 2020: 34 units.
• Up 17.2% compared to last month
• Up 183.3% compared to last year

Home Placed under Contract in November 2020: 43 units.
• Up 4.9% compared to last month
• Up 290.9% compared to last year
Average Sold Price per Square Footage in November 2020: $1428
• Up 43.2% compared to last month
• Up 4.5% compared to last year
November 2020 Median Sold Price is Appreciating*

Average Median Sold Price in November 2020: $3600
• Up 82.7% compared to last month
• Up 25.2% compared to last year

November 2020 Average For Sale Price is Neutral*

Average For Sale Price (in thousand) in November 2020: $5753
• Down 4.8% compared to last month
• Down 4.1% compared to last year

November 2020 Average Sold Price is Neutral*

Average Sold Price (in thousand) in November 2020: $5739
• Up 53.4% compared to last month
• Up 8.5% compared to last year
Average Days on Market in November 2020: 166
• Down 32.2% compared to last month
• Up 8.5% compared to last year

November 2020 Sold/List Price Ratio is Rising*

Sold/List Price % in November 2020: 92%
• Up 2.2% compared to last month
• Up 2.2% compared to last year
Months of Inventory based on Closed Sales in November 2020: 8.2
• Down 17.9% compared to last month
• Down 74.4% compared to last year

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The Miami Beach Real Estate Blog is an excellent resource for Southeast Florida residential real estate data, trends, and property information. South Florida’s population influx is an important factor in assisting our growth and resilience so check back often to uncover more about South Florida real estate opportunities and trends.

  • MiamiPenthousesandEstates.com
  • FortLauderdalePenthousesandEstates.com
  • Coleman.Properties
  • MiamiDreamRealty.com
  • ONE Sotheby’s & Ashton Coleman, P.A.
  • Jade Beach, Jade Ocean & Jade Signature
  • What’s My Home Worth Today?
  • Marketing Your Property by Ashton Coleman
  • Sotheby’s Marketing Presentation
  • ONE Sotheby’s International Realty | Marketing Affiliates
  • Client Reviews
  • Sotheby’s International Realty History/Overview
  • Sotheby’s – An Overview and the Auction House
  • ONE Sotheby’s International Realty History/Overview

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  • Miami News  http://bit.ly/MiamiAlexaFlashBriefing
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This post first appeared on Miami Beach & Sunny Isles Real Estate, please read the originial post: here

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The Big Boys Are Back In Town; Miami Beach Edition.

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