No End in Sight for the explosive Single Family Housing market. In most of South Florida its shortage of land to build new housing, properties on the market and the impact of the pandemic make the very limited real estate supply understandable. The overall inventory of single family homes under $1 million in Miami Dade County has gotten smaller to less than 60 day of supply. A healthy market 180 day to 300 Days of available inventory in the under $1 million price range, definitely creating one of South Floridas great ‘seller’s markets’.

We will continue to see a great deal of interest in single family homes throughout 2021 at all price points. The challenge will continue to be maintaining and finding sufficient inventory to keep up with double digit elevating prices.Buyers from various regions are making their way to South Florida. It is no surprise that Florida hosts more visitors from New York than from any other state. We’ve long joked that Miami is New York’s sixth borough. What’s increasingly of interest to South Florida’s residential real estate market is the number of individuals buying homes here from throughout the south, southwest and even west coast, as in California. This was already a trend prior to COVID. So, while the travel restrictions related to the pandemic brought international travel to a complete halt, we continued to see a trickle of buyers from other parts of the US making their way into our community.

COVID played a huge role over this past year in further slowing sales to the international market, particularly from Latin America. For almost five decades, South Florida real estate has been a magnet for foreign owners looking to establish part-time, and full-time residences throughout our communities. Beyond the current COVID crisis, the strengthening of the US dollar against most Latin American currencies since the recession of 2008, in addition to economic setbacks and instability in much of the region, had already made it increasingly difficult for these buyers. With the vaccine deliveries rapidly moving within the population, we expect to soon see international travelers and second-home owners returning to South Florida. This will be all more viable as key events such as the South Beach Food & Wine Festival become ‘live’, and ultimately our revered Art Week, led by Art Basel return to our South Florida calendars.

Buyers from various regions are making their way to South Florida. It is no surprise that Florida hosts more visitors from New York than from any other state. We’ve long joked that Miami is New York’s sixth borough. What’s increasingly of interest to South Florida’s residential real estate market is the number of individuals buying homes here from throughout the south, southwest and even west coast, as in California. This was already a trend prior to COVID. So, while the travel restrictions related to the pandemic brought international travel to a complete halt, we continued to see a trickle of buyers from other parts of the US making their way into our community.