Last year, the home market in South Florida was thriving. While availability is still low, home prices are rising. Many sellers are receiving top money because it is a seller’s market. In July 2020, the housing markets in Miami and South Florida recovered after being severely damaged by the epidemic. Since then, there has been a rise in interest in South Florida real estate. Due to stalled demand and historically low borrowing rates, the Miami property market continues to set milestones.
Miami’s strong housing market, fueled by local and foreign homebuyers, finished 2021 with 39,394 existing total property sales, up 49.5 percent from the 26,345 deals in 2020 and 31.1% from the former year’s high of 30,041 transactions in 2013. Miami’s dollar sales volume will exceed $30.3 billion in 2021, representing a 103.4 percent growth over the previous year.
Turnberry Ocean Club Sunny Isles
A few of the facilities at Turnberry Ocean Club Sunny Isles are a resort-style swimming pool with an infinity edge, cabanas near the beach, and a three-story club with a spa, massages, and a gym. Additional features include a wine cellar and a library. On floors 30 through 33, there will also be a three-level indoor and outdoor club with massage rooms, a wine cellar, private dining, and a library. There will also be a relaxing area and a workout center with locker rooms.
Sunny Isles Beach is the best-looking example of luxury living in South Florida. The Turnberry Ocean Club Sunny Isles, one of the most well-known buildings in the neighborhood, will shortly be finished at 18501 Collins Avenue and provide three to five-bedroom luxury residences with between 3,200 and 11,000 square feet of space.
2022 Housing Market Trends for Miami!
Miami-Dade, Broward, and Palm Beach counties are the 1st, 2nd, and 3rd most populated counties in Florida; they are all included in the metropolitan region, along with the City of Miami, which serves as the city’s financial and cultural center. The Miami metro region is the seventh-biggest in the United States and the world’s 72nd largest metropolitan area.
Housing Market Trends in Broward County!
Real estate in Broward County is also a hot market. Sales are being impacted, particularly for single-family homes, by a lack of inventory at some price ranges. Since July 2019, the entire month’s worth of single-family house inventory has decreased, signaling strong demand. Broward’s total number of home sales dropped from 4,006 to 3,489, a 12.9% yearly reduction.
Real estate in Broward is in extremely high demand, especially the County’s Housing Market Trends. Sales of existing condos fell by 11% yearly in Broward, from 2,224 to 1,980. From 1,782 to 1,509, single-family house sales decreased by 15.3% yearly. But in April 2022, Broward single-family luxury sales jumped 11.4% year over year to 245 purchases.
County of Palm Beach Market Trends for Housing
North of Miami-Dade and Broward counties are where Palm Beach County is located. The county had 1,496,770 residents as of the most recent census, making it the third-most populated county in Florida. Using statistics on average household income from the U.S. Census, Bloomberg’s most recent ranking of the richest cities in the nation ranks it at number 18 overall.
There are signs that the housing market supply in Palm Beach may be increasing, but the market is still one of high demand and little supply.
The performance of all concluded deals in Palm Beach in April 2022 was comparable to before the pandemic, despite increased mortgage rates, less supply, and increased sale prices.
Forecasts for the Miami Real Estate Market for 2022
What are the forecasts for the Miami real estate market for 2022? Let’s examine the pricing patterns that Zillow has been tracking for the previous few years. The median property price in Miami-Dade County has increased by about 155% over the last ten years (June 2012) (Zillow Home Value Index). Homes in Miami typically cost $441,318. Only residences in the medium price range are included in this figure, which is seasonally adjusted. Home prices in Miami-Dade County have increased by 24.5 percent in the last 12 months.
With an average yearly house appreciation rate of 10.32 percent, Miami real estate has increased by 166.91 percent over the previous ten years, placing the city in the top 10 percent of all U.S. cities for real estate appreciation.
If mortgage rates remain low, this will support house purchasing activity and drive up home values. The best time for sellers to list their Miami properties for sale is now. In the present stage, property prices are rising and are more appealing to sellers.
Due to the imbalance between supply and demand, property values in Miami-Dade County have increased by 24.5 percent over the previous year. They will do so again in the following 12 months.
Due to the mismatch between supply and demand, Palm Beach County property prices have increased 34.5 percent in the last year (current value = $452,810) and will do so again in the following year.
The mismatch between supply and demand has caused property prices in Broward County to increase by 27.7% (total current value = $397,189) during the last year, and they will do so again next year.
Florida’s average house value is $378,104.
Prices: Miami Real Estate
In the last year, the value of homes in Florida increased by 33.1%, which is expected to continue in the upcoming year.
In terms of the overall number of homes sold from April 2022, the Miami housing market ranks seventh in history. According to NAR, the average Florida house sale has a $90,300 overall economic effect. In April 2022, Miami-Dade County sold 3,445 properties, contributing $311 million to the local economy. In April 2022, Miami’s total dollar volume was $2.8 billion.
From $515,000 to $565,000, the typical cost of a single-family house in Miami-Dade County climbed by 9.7% yearly.
In Miami-Dade County, Florida, the typical property listing price in April 2022 was $525K, rising 19.6% from the previous year.