Key Biscayne, a preeminent upscale resort-style community in Miami, continues to show very low levels of condo and single-family homes for sales in Q1 and Q2 of 2023. Homeowners are torn on whether or not to sell their homes as they fear such a move will mean substantially mortgage payments on their next home.
In the second quarter, prices are back on the rise, especially for new and ready-to-move-in properties. Some homeowners looking to sell have understood that equity is the game changer because home prices have risen dramatically since 2020, giving their equity a big boost in a short time period. Once you sell the property, you can use the equity to help with your next buy.
Key Biscayne Q1 and Q2 2023 Real Estate Market statistics show the market has started to normalize, but there is still an imbalance between the number of properties available for sale and the number of buyers. It’s important to note that the trend of people wanting to live where they vacation remains strong, especially high tax states such as California and those in the Northeast (ie. New York, New Jersey, Connecticut). We have also seen a renewed and vital presence from Latin-American buyers.
Today’s market is active. Although sales experienced a slight dip in 2023 compared to 2022, it still performed better than averages from 2017 through 2019. Just to give you an idea, sales vaolume declined in the first two quarters of 2023, with only 150 properties sold this year compared to 218 sold in the first half of last year, a decrease of 32%. If you are a homeowner waiting to sell because you do not think there are buyers out there. Every week you wait, six other homeowners sell their properties, and 85% are cash deals closing in less than 30 days
Wondering if it still makes sense to sell your home right now? In short, YES, it makes sense. Given the current market conditions, with only a third of the usual number of homes for sale we had before the frenzy of 2021, it’s safe to say that there’s a strong demand for your house. Furthermore, selling your home could provide you with substantial equity for your next purchase, but be aware that buyers are still on the fence about overpriced properties, so stay moderate when pricing. If you’re considering selling, let’s connect now to ensure your home stands out amidst the limited inventory.
Premium home inventory in Key Biscayne is limited, and there are still some overpriced properties. You must check our statistics and compare $ per Sqft when considering buying a home. We know that last year, the rapid rise of mortgage rates caused many buyers to put their plans on hold. This year, however, many buyers are reentering the market. Many are using their equity to help reduce the mortgage monthly payments. If you’re ready to buy, don’t let market uncertainty delay your plans. Let’s connect so you have an expert to answer all your housing market questions.