First-time buyers boosting Real Estate in Miami-Dade -and the US
A great indicator of a robust market are pending home sales, which have shown an increase according to The National Association of Realtors (NAR), reporting a boost in August 24.2% year over year and 8.8% over July 2020. Additionaly, 33% of all U.S. home buyers in July were first-timers, with a median age of 33 and a household income of $74,900.
This growth among that demographic has remarkably stood up in Miami-Dade.
Alberto Carrillo, district sales manager of Miami Beach for The Keyes Company, stated that “a third of the mortgages we saw from June to August were first-time home buyers, a growth of 200% year over year,” said . “When there’s a lack of consumer confidence in the economy, people gravitate toward housing because it’s tangible. It’s an essential need, so it doesn’t lose its value.”
According to Carrillo concluded one of the highest sales activity locations is Edgewater — specifically the 33137 ZIP code, where Keyes has seen an increase in sales of 141% year-over-year and a decrease of cash sales from 47% to 24%. The median home value in that area, which consists primarily of condos and townhomes, is $310,471, according to Zillow.