HOW IS THE REAL ESTATE MARKET IN MIAMI?

Highlights

1. In the last two years the Miami Real Estate Market has been consistent in the number of sales for single family homes and condos
2. Comparing 2018 to 2019, the number of REO and short sales have been reduced.
3. Out of the total number of single-family homes sold in 2019, just 6.9% were distressed.
4. Out of the total number of condo sales in 2019, just 5.6% were distressed.
5. Approximately 20% of single-family homes sales in 2019 were in cash.
6. Approximately 47% of condo sales in 2019 were in cash.
7. During January and February of 2020, statistics showed an increase of home sales and an increase in the median value of single-family homes.
8. During January and February of 2020, condo sales figures showed a stable market.
9. The sales figures of single-family homes and condos in March 2020 show a reduction in the number of sales, most likely due to the Covid-19 pandemic.
10. According to a flash National Association of Realtors survey done between members, most of the Sellers behaviors have not changed since the Coronavirus (COVID-19). However, the number of homes on the market have declined, in areas where there are presumed or confirmed COVID-19 cases, by 20%.

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