Thank you Peter Santanello for shooting an episode with me:Inside Wealthy Miami – Why Are So Many Americans Moving Here? Thank you Wall Street Journal for using my data and quoting me in this excellent article: Million-Dollar Homes Skyrocket in Miami, as Starter Properties Go Extinct.
South Florida Real Estate: the truth about inventory
Download my full Q2 2024 Miami Real Estate Report
What is really going on with inventory levels in South Florida? So much press lately about rising inventory in FL and across America.
Here is the reality for Miami Dade, specifically for SFH:
* SFH overall inventory remains 39% below pre Covid, 2019.
* SFH median pricing hit an all time high in June 2024, up 78% versus June 2019 & up 5% YOY.
* SFH active listings below $500K are at all time lows.
They are down a shocking 87% versus pre covid, 2019. And are down 17% YOY.
SFH under $500K is essentially disappearing.
There were 513 active listings in June 2014 versus over 3,500 in June 2019.
Our SFH market is extremely healthy and extremely tight.
Simply put: we cannot add more inventory vertically.
The wealth and talent migration has just begun, and or feeder jurisdictions will continue their hostilities towards capital.
Remember: we are poaching tax payers from blue states that were high lockdown. Our success is in many cases, contrary to their belief systems. Hence the misrepresentation.
But remember: haters are fans too 🙂
#LONGMIAMI
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