South Florida Real Estate Market Still Booming in 2021
The Q1 preliminary Insight report from Berkshire Hathaway Home Services EWM Realty (BHHSEWM) reports a booming residential real estate market in South Florida during most of 2020 and continuing into 2021.
While the supply of private home inventory stayed at 5.1 months for properties up to $1 million when Covid 19 began more than a year ago, today that inventory is down to 2 months. For condominiums the overall supply of 13.5 months in 2020 is at 7.6 months in Q1 of 2021. Properties of $3 million plus used to linger at 71.4 months. Now that supply is 16.2 months.
Those numbers may become even more favorable for residential sales. “We expect more international buyers and more domestic buyers in 2021,” says Patrick O’Connell, Senior Vice President – Business Development, at the BHHSEWM Miami headquarters in Coral Gables.