Buying a single Family home in South Florida just got more expensive. Latin American Buyers and big Tech Firms could be the reason why.
According to the latest Sales Report provided by the Miami Realtors Association, the Miami-Dade County experienced a 5% increase in the median home sales price in the month of April – $515K from $491,250 in March.
The same report reveals an 18% increase for single-family homes in Broward County, reporting a median sales price of $464K, compared to $383K in March.
Ever since mid-2020 the continued migration of Northeast and West Coast buyers has translated into a steady rise of home prices in Miami-Dade. In May 2020, the median home sales price was $375,714 for a single-family home, almost $140K lower than it’s current rate.
This phenomenon has been fueled (in great part) by the relocation of big Finance and Tech Firms to Miami and its surrounding areas. The expansion of firms such as Blackstone and Thoma Bravo has brought with them a great number of their employees to the Sunshine state.
Florida has also seen a surge of Latin American buyers in recent months. As a means to protect their capital, affluent Central American investors have set their eyes on Florida’s real estate. They view investing in South Florida properties as a way to park their money at a time where their countries are struggling to recover from the impact caused by the Coronavirus.
Year-over-year, the total number sales in Miami-Dade rose by over 150%, from 1,576 in April 2020 to 3,960 in April 2021. The median home sales price rose 35% YoY, from $382K in April 2020 to $515L in April 2021. And the median sales prices for condos increase 23% YoY – $325K in April 2021 from $265,500 in April 2020.
The market in Broward county also experienced exponential growth. Total sales climbed 103.9%, from 1,965 in April 2020 to 4,006 in April 2021. Sales for single-family homes and condos surged by 80.9% and 126.9% respectively.
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