Northeast Tax Issues Bolstering Miami-Dade Residential Markets
"Northerners and other homebuyers are not just purchasing second homes; they are bringing businesses and moving here full time,” says MIAMI Chairman of the Board José María Serrano.
MIAMI—Overall home sales in Miami-Dade County, as well as luxury home sales, were higher in October, due at least in part to the migration of families and businesses leaving high-cost Northeastern states.
Miami single-family home sales were up 2.3% year-to-date compared to first 10 months of last year; condo sales were up 0.5% year-to date. Miami real estate continues seeing increased demand as months of supply and inventory trends downward for both property types, according to officials with the MIAMI Association of Realtors and its Multiple Listing Service.
Total luxury ($1-million-and-up) home sales surged 13.8% year-over-year in October 2019, from 123 to 140. Single-family home luxury sales jumped 16.7% to 77 transactions last month in Miami-Dade. Condo luxury sales increased 10.5% to 63 transactions.
Total Miami-Dade County home sales increased 3.1% year-over-year, from 2,285 to 2,355. With consumer confidence rising, unemployment low, job creation high and increased migration to Florida, Miami real estate should enjoy steady growth, the association reported in its monthly sales report.
Miami single-family home sales increased 6.8%, from 1,073 to 1,146. Miami existing condo sales decreased a negligible 0.2%, from 1,212 to 1,209.
“Miami’s rise as a global city, a new federal tax law limiting deductions on state and local taxes and low mortgage rates continue boosting home sales. Northerners and other homebuyers are not just purchasing second homes; they are bringing businesses and moving here full time,” says MIAMI Chairman of the Board José María Serrano.
The increased number of luxury transactions raised the total dollar volume for Miami real estate last month. Single-family home dollar volume rose 7.7%, from $522.9 million to $563.1 million. Condo dollar volume jumped 8.1%, from $426.2 million to $460.7 million.
Miami-Dade County single-family home prices increased 6.8% in October from $350,000 to $365,000. Miami single-family home prices have risen for 95 consecutive months, a streak of 7.92 years. Existing condo prices increased 5.1%, from $235,000 to $247,000. Condo prices have increased or stayed even in 97 of the last 101 months.