By Dr. Karen Lewis
September Market Report
At a closer glance: SALES However, closed sales in Miami decreased by 3.6 percent year over year; September 2020 compared to September 2021. While closed sales fell, single-family homes paid for in cash rose significantly from last year—from 15.5 percent last year to 24.9 percent this September. A change that represents a 61.2 percent increase. WWW.THEPOWERISNOW.COM
Single-family homes might have seen a decrease in closed sales, but the same cannot be said for townhouses and condos. The number of closed sales jumped by 45.2 percent, with closed sales last September 1223 and 1790 this September. Townhouses and condos saw an increase this year in the number that was paid for in cash. 46.0 percent of townhouses and condos were paid for in cash compared to last year’s 39.0 percent. INVENTORY For most of last year and this year, housing inventory has been very tight—making it exceptionally very difficult to find a dream home. Compared to the previous year, September, Miami’s housing inventory for single-family homes almost halved this year. September 2020, Miami had 4,039 active listings; in September 2021, the active listings for single-family homes in Miami were 2,957.
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n September, the housing market in South Florida began to cool off, and as a result, homebuyers had a more comprehensive inventory selection, according to a Zillow report. As inventory increased, the market saw home prices and rent growth ease as well. The market that was previously a sellers’ market had a somewhat balance with homebuyers having more inventory, at lower prices, and ultimately more time to make offers.
