MarketWatchMonday! | July 11th

MarketWatchMonday! | July 11th

#MarketWatchMonday Miami existing condo luxury ($1 million and more) sales increased 8.8 percent year over year in May 2022 to 322 deals, a record high. Miami luxury condos have 6.2 months of supply, indicating that the industry will continue to develop in the future given the high demand. Homebuyers leaving tax-heavy states to buy in Florida (no state income tax), new-to-market firms relocating here, the appeal of property as an inflation hedge, rising wages and accrued savings in lockdowns, strong equity market performance, a reassessment of housing needs and lifestyles as a result of the pandemic, and the expansion of remote work are all factors driving South Florida real estate demand.

 

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