Miami Real Estate Posts 7th Best March in County History; Total sales increase ahead of pre-pandemic levels
Miami has the seventh-best March sales in county history; Total sales exceed pre-pandemic levels. According to March 2023 statistics published by the Miami Association of Realtors (MIAMI) and the Multiple Listing System (MLS).
Miami-Dade County recorded It was the seventh-best March sales month in county history as total sales surpassed pre-pandemic numbers and price appreciation in Miami led the way. the nation. Driven by high migration, a strong job market, and a high percentage of cash buyers, Miami's real estate market continues to outperform the country. According to the latest S&P CoreLogic Case-Shiller Index, Miami has the highest annual home price growth of any U.S. city. And in March 2023, Miami-Dade's total median prices increased for 136 consecutive months (11.3 years) while national prices decreased for the second consecutive month.
Ines Hegedus-García, MIAMI board president, said homebuyers from other states with high density, high taxes and safety concerns continue to migrate to Miami, as state data shows a increase in driver's license exchanges to Miami-Dade from California, New York and New Jersey. Domestic and global buyers and companies move here. not only because of our low taxes, but also because of Miami's emergence as a center for financial technology, pro-business government, world-renowned art scene and more.
In March 2023, a total of 2,513 homes were sold in Miami, marking the seventh-highest March in county history. Total sales for March 2023 increased 8.6% compared to March 2019, prior to the pandemic, which had 2,313 transactions. Total sales for March 2023 are also higher than Miami-Dade's all-time average number of March sales.
Compared to pre-pandemic times, 2021 and 2022 sales increased to all-time highs due to pandemic-driven home buying, historically low mortgage rates 2% and other factors. In March 2022, 3,939 sales were recorded, which were the third highest in any month in Miami-Dade history. Total home sales in Miami decreased 36.2% year-over-year in March 2023, from the historical 3,939 transactions in March 2022 to 2,513 in March 2023.
Sales of single-family homes decreased 22.5% year-over-year, from 1,411 in March 2022 to 1,093 in March 2023 due to its comparison with a historical March 2022 and the fact that the market ;
Miami records the seventh best March in the history of the county in terms of real estate sales, with an increase in total sales that exceeds pre-pandemic numbers. This is based on March 2023 statistics released by the Miami Association of Realtors (MIAMI) and the Multiple Listing System (MLS). p>
Miami's real estate market, driven by high migration, a strong job market and a high percentage of cash buyers, continues to outperform the rest of the country. In fact, according to the latest S&P CoreLogic Case-Shiller Index, Miami has the highest annual home price growth of any city in the United States. Additionally, in March 2023, total median prices in Miami-Dade increased by 136%. consecutive month (11.3 years), while prices nationwide decreased for the second consecutive month.
According to Inés Hegedus-García, president of MIAMI, "homebuyers from other high-density, high-tax states continue to migrate to Miami, as evidenced by state data showing an increase in driver's license exchanges from California, New York and New Jersey to Miami-Dade." "National and international buyers, as well as Like companies, they are moving here. "Not only because of our low taxes, but also because of Miami's emergence as a financial technology center, a pro-business government, a world-renowned art scene and more."
In March 2023, a total of 2,513 properties were sold in Miami, making it the seventh-largest March for sales in county history. Total sales for March 2023 increased by 8.6% compared to March 2019, prior to the pandemic, which registered 2,313 transactions. In addition, total sales for March 2023 are higher than the numberute;merest average sales in March in Miami-Dade in all of history.
Although comparisons to pre-pandemic years are the most accurate, 2021 and 2022 sales skyrocketed to record levels due to pandemic-driven home buying, at historic rates. richly low mortgage rates of 2% and other factors.
Total sales in March 2022, totaling 3,939 sales, were the third highest in Miami-Dade history. Total home sales in Miami decreased 36.2% year-over-year in March 2023, from the historical 3,939 transactions in March 2022 to 2,513 in March 2023.
Sales of single-family homes decreased 22.5% year-over-year, from 1,411 in March 2022 to 1,093 in March 2023 due to the comparison with the historical month of March 2022 and the low amount of inventory at certain points.