Miami Home Sales Raises by Double Digits
MIAMI BEACH, Fla., November 6, 2019 (Newswire.com) - Miami is a lovely place to live, with its all-year perfect weather conditions and some beautiful real estate. Miami Luxury RE LLC is a boutique real estate Miami Beach brokerage dedicated to assisting High Net Worth Individual (HNWI) buyers and sellers with their Miami real estate needs. These include local as well as international buyers from Russia, the U.K., Brazil, Canada and other places.
For real estate in Miami, September was a good month since home sales in Miami elevated by double digits. Market data provided by Miami Association of Realtors revealed that home sales of single-family homes increased by 10.4% year-over-year, while condo sales upsurge to 11.4% year-over-year. Further, better figures were recorded in Miami luxury real estate for homes sold in Miami-Dade County for more than $1 million, which is an increase of 23.3% and about 90 transactions in the month of September.
Since the interest rates have been lowered in the U.S., the sales have increased but there are some other factors, too, that have contributed to these increasing sales. One of the reasons is that high-earning professionals and entrepreneurs from other states where there is a high-income tax imposition of 13.3% are migrating to Miami. The no-income-tax state policy in Florida overall is very attractive for people of other states and, hence, there is a visible population growth in Florida.
According to the data from the U.S. Census Bureau, in 2018, the number of people migrating to Florida was higher than any other U.S. state. Out of these migrating people, a lot of them were high-net-worth individuals who flocked to the state, particularly to Miami, as tax refugees.
From research, it has been anticipated that in Florida, the population growth is expected to average 330,605 net new residents every year until April 1, 2024. This may provide a major boost to the real estate market and the economy in Florida in general. With Miami being a major attraction in Florida State, home sales have seen an increase and so have the prices.
Miami-Dade County single-family home prices increased 4.9 percent in September 2019, from $360,000 to $377,750. Nevertheless, Miami is still regarded as an affordable place and, hence, continues to attract high-earning individuals from all corners. This is because buyers in Miami will get 93 square meters of prime property in Miami for $1 million, which is a lot more than what they get at the same price in New York (31 square meters) and Los Angeles (36 square meters). As a result, buyers are not hesitating in paying even those increasing prices, but a large number of them are cash buyers. Cash transactions for Miami real estate was around 33.9% of the total sales in September, which was almost double the figure of cash transactions at the national level.
With the rising consumer confidence, increased migration to Florida and rapidly growing technology and startup sectors in Miami, Miami real estate is all set to experience steady growth.
For all Luxury Real Estate needs, please call Miami Luxury RE LLC at +1-855-75-MIAMI (64264) or visit www.miamiluxuryrealestates.com.
Source: Miami Luxury RE LLC
Categories: Real Estate