It's a seller's market in Miami and South Florida!
Fewer homes and condos on the market in Miami and South Florida combined with great interest rates means bidding wars for desirable homes and condos across the Sunshine State.
If you've been considering listing your Miami property for sale, here are some of the reasons that make NOW the right time to sell.
14.4% HOME PRICES ARE INCREASING:
The statewide median sales price for single-family existing homes in December 2020 was $309,000, up 14.4% from the previous year.
HOMES ARE SELLING:
At the end of 2020, closed sales of single-family homes statewide were up 21% year-over-year, while existing condo-townhouse sales were up 27.7% over December 2019.
2.68% GREAT INTEREST RATES:
The interest rate for a 30-year fixed-rate mortgage averaged 2.68% in December 2020, significantly lower than the 3.72% averaged during the same month a year earlier, according to Freddie Mac.
11% QUICKER SALES:
Nationwide, the average Days on Market dropped 11%, an average of 76 days compared to December 2019.
LOW INVENTORY; 1.8-MONTH SUPPLY:
As of December 2020, there was only a 1.8-months supply in the single-family home category in Florida. For condos and townhouses, there was a 4.2-months supply.
63.5% INCREASED SHOWINGS:
Across the country in December 2020, home showings were up 63.5% over prior year. In the South, the number was even more impressive, showings were up 69.7%
Source: Florida Realtors; Research department, ShowingTime.com, Realtor.com