Miami Miami-Dade Luxury Sales Surge
MIAMI — Miami-Dade $1-million-and-up transactions surged triple digits versus pre-pandemic 2019 transactions as total pending home sales and showing appointments rose again for the second consecutive month, according to February 2023 statistics released today by the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
Miami Real Estate Strong Even with Higher Interest Rates
Miami Real Estate, which posted its second-most total home sales in history in 2022 despite an unprecedented doubling of mortgage rates, continues to see a surge in domestic and international wealth migration. Unlike other parts of the country, the Miami market continues to see price appreciation and sales are on par or above pre-pandemic 2019 transactions.
Miami to Outpace National Trends
“Miami real estate continues to outpace national trends,” MIAMI Chairman of the Board Ines Hegedus-Garcia said. “Property prices in Miami continue to rise, albeit at a more modest rate. The region’s real estate market is unique due to the significant number of cash transactions and the high rate of migration. This normalization from the pandemic-fueled era of homebuying indicates that sellers are increasingly open to negotiating contract terms, offering greater flexibility.”
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