Monday, September 20, 2021 / by Enrique Tejera
TRENDS September 2021 - Southeast Florida Real Estate Market Report including Miami Dade and Miami Beach
The Real Estate Market Along Florida's East Coast
The housing market has strengthened through late summer with buyers matching and exceeding the number of sellers in most neighborhoods and price ranges.
The typical seasonal pattern of moderating sales volume and pricing took hold in August, and will likely continue through the end of the year. The return of seasonal trends underscores a shift towards a normalized housing market from pandemic driven extremes.
The regional economy continued to expand, albeit at a muted pace given the rise of the COVID-19 delta variant. Although some tourism activity was held in check, the regional unemployment rate improved to 4.5%, quickly approaching the pre-pandemic level.
As the summer ends, sales of single family homes usually slow down. This was also the case with home sales this August, which totalled 10,821 homes. That's a 7% decrease compared with July. However, the winter season also brings to Florida tourists and residents from the Northeast US which will affect sales.
Condo sales slowed more substantially than single family homes, underscoring the stronger demand in the detached home segment. Within the single family home market, sales slowed at the higher end of the pricing spectrum relative to more affordable homes.
Read the full report:
TRENDS September 2021 - Market Report by ONE Sotheby's International Realty
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