Miami continues to break home sales records, registering its best sales month in history and establishing a new mark for the most annual total Miami condo transactions in only three months. Yet, while the seller’s market continues to shape 2022, real estate experts predict significant changes in inventory, mortgage rates, home prices, and buyer’s checklists.
Nearly every week brings another announcement of a major U.S. company either moving their headquarters to Miami or opening offices here. Recently, Seattle-based Microsoft announced its plans to open a regional hub and Latin American offices in Miami. International companies are also showing interest in opening offices in Miami.
With so many U.S. companies and individuals relocating to our region over the last year, many of those relocating homebuyers are taking advantage of the condo inventory. International homebuyers, who have long preferred condos, have pent-up demand for Miami real estate and are also returning to the No. 1 market for foreign homebuyers.
Lack of inventory in certain price points is impacting sales, particularly for single-family homes. The high percentage of cash buyers reflects Miami’s top position as the preeminent American real estate market for foreign buyers, who tend to purchase with all cash as well as some moving from more expensive U.S. markets who can buy more with their profits from real estate sales. Cash sales accounted for 45.9% of all Miami existing condo sales and 24.9% of single-family transactions.
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