Euphoric Miami Real Estate Market Provides Unique Opportunity for Sellers | NOW is the Time to Sell your Ponce Davis Home
The Ponce Davis Real Estate Market Is Experiencing a Very High Demand
The Miami real estate market is currently in a state of euphoria. Relocation buyers are still coming into town and inventory is at an all time low. The extreme dryness of the market is leading to record-breaking prices. Ponce Davis homes are now more desired than ever. Many of our buyers are really focusing on this centrally located market with its many brand new and modern homes and often large lots.
* We focused this article on Ponce Davis. For more information on homes in Pinecrest, Coral Gables or Coconut Grove please click on any of the links or contact the David Siddons Group at (305) 508.0899.
14 of the 25 Highest Sales Prices per SF Happened in the last year!
NOW is the Time to Sell your Ponce Davis Home
Ponce Davis is now more desired than ever and the high demand for homes in the area is leading to increasing prices per SF. While 2018 and 2019 saw 50% of its sales sell for $500 per SF+ and around 30% in the $600s per SF, in 2020 and 2021 we see at least 60% being sold for more than $500 per SF and around 35% in the $600 per SF+ range. While $700 per SF or more was an exceptionally high sales price in 2018 and 2019, we saw 25% of the properties trade for $700 per SF+ in 2021. Just like in other Miami sub-markets we have seen properties trade for 25% more than what they traded for in 2018/2019 or even 2020.
How much further can this market go up? The market cannot go up indefinitely and we expect the market to normalize by the end of 2021. Simply put, some homes are selling at over inflated numbers. This is to say that the market won’t go down in many cases, but outlier properties that suddenly sell at 50% more than they sold 2 years ago will become less likely. These anomalies are caused by hysteria and this will stabilize soon. After we pass this moment of euphoria, we will see less anomalies in property prices as exceptions to the rule will cease to exist. Sellers can only profit from massive gains in a certain window, which is NOW. This window of opportunity will go away in the next months and the market will normalize. If you are thinking of selling your Ponce Davis home, then you should consider doing this now!
Please check the highest achieved sales prices per SF in the overview below.
Please note this overview excludes properties that sold for land value and we solely focuses on properties in the $1M+ range.
8750 Ponce De Leon Rd sold for $855 per SF or $8.6M in April of 2021. This property sold in March 2020 (One year ago) for $6,850,000. That is 25% increase in value! New construction homes are very much in demand, so if you are the owner of a newer home, then NOW is the time to sell your Ponce Davis home!