Miami’s real estate market remained red-hot during the three months through June as the work-from-home lifestyle fueled by the pandemic left buyers having to pay record prices as they sifted through a short supply of homes.
The number of sales closed in Miami Beach spiked 68% from the first quarter to 2,393, according to the Elliman Report. Closings were up 378% from the year-ago period when the market was impacted by lockdowns aimed at slowing the spread of COVID-19.
“The market is getting more intense than last quarter,” said Jonathan Miller, CEO of New York-based real estate and consulting firm Miller Samuel. “Low supply meets heavy demand, and that’s being fueled by a number of things, primarily low rates and additional options for remote work.”
Florida, and Miami in particular, has become a sought-after destination for Americans to move to as the pandemic has given many the opportunity to work remotely.
That freedom and ultra-low interest rates have helped boost prices in the Miami metropolitan area, which is the eighth-largest in the country. The region is made up of places like Miami, Fort Lauderdale, West Palm Beach and Boca Raton.