Coronavirus Surge: Miami Real Estate Market Soared Last Month, Breaking New Records

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The real estate market in Miami and the rest of South Florida is surging and continues to break new records with people pouring into the area during the coronavirus pandemic.

The area appears to benefiting in part because companies are now allowing employees to work from anywhere, causing a buying frenzy in warm and sunny Miami.

The latest evidence comes from a report released by the Miami Association of Realtors this week.

During the month of September, dollar volume of single-family home sales in Miami-Dade was up 55% compared to September 2019. In Broward, the dollar volume increase was 64%, and a 47% increase was notched in Palm Beach.

The Miami condo market is also up sharply. Dollar volume in September was up 26% over last year. The condo market in Broward saw a 16% increase in dollar volume, while in Palm Beach the increase was 39%.

There’s also evidence that the Miami condo market is continuing strong in October, with separate data showing closed transaction volume up 31% for the first few weeks of the month.

The median single family home price in Miami-Dade and Broward reached $425,000 last month, the highest level ever.