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Fall 2019: State of Miami's Real Estate Market

 As one of Miami's most productive luxury estate agents, I'm lucky enough to have a large volume of transactions from to mine insights on the current market. As we head into fall I believe that home price growth has held up in Miami like many new outlets like Miami Agent Magazine has reported (here). However this news has been balanced out by the "days on market" factor which has been longer than the year before. So prices are rising but the listings aren't moving as rapidly as one would hope. But let's dive into the recently reported data to supplement my professional observations.

According to CoreLogic Home Price Index for July 2019, home prices in metro Miami were up 3% this July from 2018. Additionally, total sales increased 0.6% with single-family home sales increasing 1.8%. MIAMI Chairman of the Board Jose Maria Serrano explains that it's clear that interest from high net worth individuals in tax burdened states continue to drive demand in our market. However CoreLogic suggests a general over-valuation persistent in the market which might foreshadow a price reckoning in the near future. But they do predict that home price growth will continue into next year due to low inventory. Growing millennial generation interest in home ownership will likely contribute to demand that will far exceed supply.   

So as we head into "season" in Miami, we're watching several major trends. Many are wondering if Miami-Dade's housing costs may be on the verge of cooling down. Median prices have now increased for 30 quarters in a row - how much longer can this streak go on? We are also monitoring a trend kicked off by the 2017 tax reform plan which has resulted in a mass exodus of wealthy New Yorkers to Florida for their main residence (reported here in the Miami Herald). These Northerners are inundating our area and focusing on luxury properties, particularly in the $10M+ arena. Keep in mind that given the global nature of our truly international city, we are arguably impacted by worldwide policies more than any other city in America. So stay tuned! I will continue to keep tabs on all of these macro and micro trends in the areas where we live, work, and play. Please reach out for a custom market report. 

I have been selling real estate in our area since 1993 and have been a resident of Miami-Dade since 1969. I am consistently in the Top ½ of 1% of all agents nationwide based on total sales volume. Let my expertise work for you. Contact me for a private meeting and I will take care of the rest. The best way of reaching me is at (305) 444-7224 or you may email me at mauricio@miamisignaturehomes.com.


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    Mauricio J. Barba, P.A.
    Compass Real Estate

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