According to statistics released by the Miami Association of Realtors and the Multiple Listing Service (MLS) system, single-family properties under contract in Miami-Dade increased by 10.3% in August 2023. This represents a total of 2,457 housing units that are about to sign deeds of purchase and confirms the growth in the interest people have in investing in real estate in Florida.

Sales of properties under contract continue to rise

The data shows that single-family properties that entered into a purchase-sale contract in Miami-Dade increased for the second consecutive month compared to what was reported in July 2023, from 1,016 to 1,032 transactions.

These statistics also showed that homes for sale in Miami during that month increased by 4.1% (9,575 properties), while properties sold fell by 1.9% (2,133 closed sales).

This is how Miami ranks fourth in the annual appreciation of the price of housing in the United States, according to the latest CoreLogic S&P Case-Shiller index.

Is it time to invest in real estate in Florida?

Buyers ponder the best time to invest in real estate in Florida, but this is still the best option compared to other US states.

The demand for properties exceeds the available supply, a trend that has consolidated in recent months, puts a great challenge on the table and increases costs.

However, and as we have said in PFS Realty, this dynamic has driven sellers to maintain greater control in negotiations. It has also led buyers to make faster decisions to secure a property.

Influence on the real estate market

This dynamic in real estate investment also shows a movement in metrics driven by the arrival of the Argentine footballer Lionel Messi to Inter Miami, a powerful attraction for people to take advantage of the many opportunities that this city offers to find housing, whether in new projects or used homes.

This is how there is a strong trend among Latin American investors, who see Florida and Miami-Dade as the most suitable place to acquire the wealth of their dreams.

References:

Miami Herald (2023). Good time to buy a home in south Florida or better to wait?

PFS Realty Group (2023). Real estate market in Miami, prospects for its future