The Ponce Davis Real Estate Market Report for Q4 2020 | What to Expect Going into 2021?
Ponce Davis Homes for Sale | What to Expect Going into 2021?
Those who read part 3 of our Q2 and Q3 Miami real estate report (The Miami Real Estate Market before and during Covid-19) already know the strength of the Miami single-family home market. We saw how strong the Ponce Davis market is and how it is gaining in strength in the $3M+ market. Please read below how the Ponce Davis real estate market performed in the last 6 months of 2020 and what we expect to see in 2021!
Ponce Davis Real Estate Market Report | Q3 and Q4 of 2020
Ponce Davis is one of Miami’s most desired neighborhoods, ideally located between Coral Gables, Pinecrest and South Miami. As relocation families are the majority of today’s buyers, the areas around Miami’s best private schools are most in demand. With limited good-quality inventory and rising prices in the Gables and the Grove, upscale and ideally located Ponce Davis is now more on everyone’s radar than ever before. While the market till $4M did not see much change in sales, the $4M+ market flourished. The last two quarters of 2019 recorded 1 sale in the $4M+ market while 2020 saw 6 of these sales in the same period of time. Prices went up between 10%/11% and less discounts were given on the listing prices.
Please note the extremely low levels of inventory respectively 3 and 4 months; a strong sellers market. This low inventory is mostly due to a limited amount of product on the market. The $1,5M-$4M market offers just 7 listings while the $4M+ market offers 4 listings! This market saw a lot of sales and not many new homes entered the market.
The Ponce Davis Real Estate Market in 2021
We are very bullish on the general single-family home market in the upscale areas around Miami’s best private schools and this includes Ponce Davis. We will continue to experience the influx of tax migrants from the North East as now more and more large companies are making their move to Miami and bring along their C-levels. We expect a high demand for Ponce Davis homes and we expect for this market to gain traction with luxury buyers as inventory remains low across Miami’s most desired areas. This is a momentum and more and more people from high-tax states realize they can save a great deal of money by moving here while also improving their lifestyle.
Buyers (or their realtors) need to monitor the market closely in order not to miss out on any new homes, and they need to be prepared to come in with strong offers. This is not a “let’s wait and see” kind of market. The weakness of this market is its supply and the limited amount of newer homes. Today’s buyers are fond of newer product and this market does not offer many new homes. Many homes are nicely remodeled and updated, but not brand new.
If you are a buyer in this market contact us as we often have off-market product or we know about homes entering the market soon. We can give you the inside scoop on new homes before the rest of the market is aware of it. If you are a seller who is even remotely thinking about selling, please give us a call at 305.508.0899. This is not a poor attempt to get a listing, this is a serious request for us to serve our relocation buyers. We get daily calls from all over the United States (and the Globe) of families looking to buy in your area. We need your home and we have the buyers.
Ponce Davis Real Estate Market Report: Which Ponce Davis Homes sold in 2020?
Please find below several homes that closed in the last year to get a better glimpse of what is selling!