Part 3/8:
Even though these high prices may seem prohibitive, they serve as an indicator of Florida's continuing desirability. The influx of wealthy buyers with cash in hand reinforces the notion that Florida remains an appealing destination, regardless of market fluctuations in other areas.
Miami: A Cautionary Tale
Contrasting sharply with Palm Beach, Miami's real estate market is witnessing a significant cooling. Data from the Miami Association of Realtors reveals a staggering 32% increase in the inventory of single-family homes over the past year, rising from 3,895 listings to 5,140 in just one year. The challenges do not end there; condo and townhouse listings have pushed total inventory to nearly 9,800, revealing an overwhelmed market struggling to find buyers.