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.
January has closed out in Miami. How are the markets behaving so far in 2025? The tail of two markets continues to play out. -> sales volume of both SFH & Condos past $2K / square foot are up year-over-year, clocking in record transaction volume for the month of January. In Jan 2019, there were ZERO SFH sales past $2K / sq ft. Things can change quickly. New product at prime locations (especially end user product) is likely in under supply. -> the extinction of SFH below $500K continues. Active listings (inventory) in Miami Dade < $500K in January 2025: 640. Active listings (inventory) in Miami Dade <$500K in January 2019: 4,452 We are down 86% vs. pre Covid in 2019. This is the extinction of a price point.
Just released! My 2024 annual Miami Dade real estate report is now live! Uncover Miami's hottest real estate trends & opportunities. Highlights: --> New product at prime locations continues to shine: we actually don’t have enough. Both condo and SFH transaction volume was up YOY past $1K / sq ft. SFH past $1K /sq ft hit an all time high and is up a remarkable 631% vs. 2019 (pre Covid) --> Despite fake, alarmist press headlines: Miami Dade overall inventory levels remain below 2019 (pre Covid) levels --> Speaking of inventory levels, this is truly shocking: Miami Dade SFH active listings below $500K are down 800% vs. 2019 pre covid. There are now only about 600 active SFH listings sub $500K in all of Miami Dade County. Pre Covid in 2019, there were over 3,500. I think the implications of this are obvious. And far reaching.
Hot off the presses! Miami Dade SFH 2024 report preview. Full 2024 year end report and 2025 forecast coming next week. Median price at all time highs, inventory 36% below pre covid (2019). This should provide plenty of ammo to retort the negative, click bait generated by legacy media. Annual data is simple to understand and the truth is clear.
I made the table after downloading and processing newly released 2023 interstate census data. Source: https://www.census.gov/newsroom/press-releases/2024/state-to-state-migration-flows.html The pattern is very clear. High tax, blue states are losing population due to interstate migration. And as I keep saying, I do not see this reversing. I do not see a sudden net flow into high tax states. The political leanings of the state seem to be correlated to the tax levels. My study was picked up twice by the Daily Mail. https://www.dailymail.co.uk/news/article-14055047/US-map-fastest-growing-states-census-population.html https://www.dailymail.co.uk/yourmoney/article-14198061/florida-arizona-cities-baby-boomers-travel-packs.html The pattern is very clear. As the country reshapes around 21st century realities and shift in economic focus continues, high tax states are clearly losing population.
Legacy media has dug its own grave. Completely false headline again, accompanied by a very poorly written story. The arrogance with which legacy media lies and creates poorly written, politically motivated hit pieces is breath taking. And this is my second time refuting a Newsweek article. I had previously debunked a Newsweek article in July, 2024.
Trump won the election, what does that mean for South Florida & Miami real estate? Journalist Brian Bandel asked me that question the day after the election. And this is what I told the South Florida Business Journal: “Given the team that he has assembled, most notably Elon Musk, I believe that a Trump presidency will be aligned with entrepreneurs and creators,” Bozovic said. “Since South Florida is attracting tax payers and creators, our housing market will be further super charged by an administration that fosters entrepreneurship.” And I stand by every word of that. Furthermore, I feel that a subconscious pause has been lifted in the aftermath of the election. The next wave forward is about to commence. And note: I am compiling October numbers. As per my thesis, the SFH market continues to hit all time highs. End user product within proximity of the urban core is a strong play.
2023 Intrastate migration numbers are in, just released at census.gov. Rather unsurprisingly, the post Covid trend continues. TX & Florida are once again #1 & #2 when it comes to net intrastate migration gains. * Blue states, that tended to be high lock-down & are high-tax, keep losing population. (This is an observation, I am a registered independent). The top five population losers were all blue states.The two winners (TX & FL) have no state income tax. The two biggest two losers (CA & NY) have among the highest levels. I do not report on this with any personal joy, I grew up in NYC. It is what it is.
I released my official Q3 2024 Miami Dade report last week. All of the Miami and South Florida numbers were fresh in mind. I happened to come across an article in Business Insider that made the bold statement: "Home-listing prices are down as much as 12% in boomtowns in Florida, Texas, and other popular states" The article then lists Miami as #1, with a 12% drop in list prices. This is absolutely not true. Not even close. This is honestly mind-blowing. I caught this because I am an expert in this field. And in all honestly, this makes me seriously wonder what else is completely false.
Officially live: Ana Bozovic's Q3 2024 Miami Dade Real Estate report! Segments catering to the wealth and talent migration continue to outperform pre Covid realities by a wide margin, with some segments at all time highs. Ex: SFH past $1K /sq ft transacted at record levels Q1-Q3 of 2024. And most market segments above $500K saw YOY sales volume growth (all SFH segments and some condo). Actionable value is found when drilling down, but the macro drives the micro. We need to understand the basis of the market and the fundamental trends driving what we see in the numbers. Starting there, we can then drill down further in order to make predictions on specific sectors.