Miami is the second most expensive housing market in America now, just behind New York. And Pinecrest, our little village tucked away in suburbia, is killing it with average sale prices soaring right along side the rest of the city.
There’s still a decreased level of inventory, particularly under $1 million, so the number of sales was down in August compared to a year ago.
But take a look at the sales price to list price ratio. So many homes and condos are selling at or above the asking price, spiraling up the average sale price to list price to a whopping 99%.
In the Village, the average single family home sale price is $2,093,597, up 21%, and the average sale price per square foot is $519, up 34% over August 2020.
The question I am constantly asked is “What’s the housing market going to do in 2022?” My crystal ball told me that inventory will increase a little in 2022 but that the current trend will continue into the first quarter. That’s the opinion of economists too, by the way.
And the average 30-year fixed rate mortgage eased down a bit this week to 2.99% so it remains a phenomenal time to borrow, even with prices up so much.
If you’re thinking of buying, selling or investing, let’s have a chat. I’m a top producer and will ease you through the complexities of the real estate market.