The impact of the coronavirus pandemic on the Miami housing market falls along property lines: Single-family homes are still selling like hot cakes, but condos? Not so much. As condo inventory increases, the demand has decreased, creating what Redfin says is a buyer’s market. But for single-family homes, realtors are still reporting multiple offers, and some have reported selling houses in less than a day. In order to keep sales rolling, Miami realtors have gotten creative with virtual showings, safety protocol, and coronavirus clauses in contracts.
In the wake of the Coronavirus pandemic, the US housing market has experienced increased volatility, and the real estate industry has responded quickly to the abrupt changes by adjusting processes to fit the “new normal” for the time being. Nationwide, the industry has shifted in order to continue doing business and to implement all the necessary safety precautions, but this all looks a little different market-to-market.
Many of the trends we’re seeing during COVID-19 in Miami real estate all come down to property type. For single-family homes, the Miami real estate market still remains in favor of the seller, and has seen minor changes in buyer demand and inventory. For condos in Miami, the demand has decreased as inventory increases, creating a buyer’s market. We’ve asked Redfin agent Maria Garcia-Gonzalez to share her expertise in the Miami real estate market, and her experiences in the field during the pandemic.