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For Buyers & Sellers, the Best Realtor in Coconut Grove, Coral Gables and Miami Top Miami, Coconut Grove and Coral Gables Luxury Home Realtor, Ashley Cusack, released a report that evaluates the impact that shrinking inventory is having on the hot Miami real estate market. A recently released Q1 2021 report from Berkshire Hathaway Home Services, EWM Realty, discusses the impact that the pandemic has had on the South Florida market, as well as likely future trends. For almost five decades, the South Florida real estate market has been a magnet for international visitors to establish residences throughout its many communities. The strengthening of the US Dollar against most South American currencies since the recession of 2008 has made it more challenging for several of the former largest South American buying regions to purchase homes in the US. While buyers from Venezuela, Brazil and Argentina comprised the top three international buying groups for several years, sales to residents of those countries have fallen dramatically in recent years. Covid has certainly played a huge role over this past year in slowing international sales, but it’s expected that buyers from these markets, particularly from South America, will return once the vaccine has reached greater numbers and the threat of COVID subsides The strengthening of the US Dollar against most South American currencies since the recession of 2008 has made it more challenging for several of the former largest South American buying regions to purchase homes in the US. While buyers from Venezuela, Brazil and Argentina comprised the top three international buying groups for several years, sales to residents of those countries have fallen dramatically in recent years. In the meantime, US domestic buyers motivated by the pandemic and the ability to work remotely, will continue to be a significant factor in creating new demand for housing of all types in Miami and surrounding communities. Areas in the South, such as Florida and Texas, have seen a huge migration from heavily populated urban centers. With the daily commute seemingly a thing of the past, and workers having flexibility to work from home, the distance between home and work is no longer a material factor. In South Florida, with its lack of land, the pandemic created a flight to single-family homes, at all price points. By mid-March 2021, the overall inventory of single-family homes under $1 million in Miami-Dade had shrunk to 1.9 months of supply. There was 5.0 months of inventory at the same time in March 2020, just before the pandemic. the same periods, the months of supply for homes in excess of $1 million fell from 22.1 months to 5.1 months. Contact Us At : https://ashleycusack.com/ or call 305-798-8685
