Miami-Dade Real Estate Prices Rise in February

If you’re looking to sell your home, it’s still a great time to have your house on the market in Miami-Dade. Median sales prices for homes are on the rise. Furthermore, while the inventory of homes may up, they are selling closer to their asking price.

Single-family homes have decreased .8 percent in the median number of days they are listed to when they have a contract date to 122 days.  The actual selling price of homes in Miami is remaining quite close to the property’s listing price.

Higher prices and higher inventory

Inventory for single-family homes across Miami-Dade has increased due in part to new construction. With limited vacant land, where else can you build, but up?

Condominiums are holding strong in sales in the preconstruction market. Older condominiums have been struggling competing with new, luxuriously, constructed condominiums, especially in the Brickell area. Secondly, condos in general have greater difficulty for buyers looking for mortgage options. However, with new plans for FHA guidelines, getting approved with a condo has potentially become easier. Furthermore, mortgage rates are still historically low and should continue to help buyers.

Cash transactions are still going strong

As of February, the total number of cash transactions in Miami more than doubled that of the national average. Cash transactions made up 52.4 percent of sales.  Condo sales made up 66.3 percent of those cash sales and single-family homes were 37.3 percent.

If you want to sell your home or buy in Miami, please don’t hesitate to contact Suzanne. She has over 15 years real estate experience and she is passionate about all of what Miami has to offer.

Sources:

Lima, Debora. Miami Herald (2016) Real estate prices up across board in Miami-Dade, Broward

Retrieved on March 26, 2016 from http://www.miamiherald.com/news/business/real-estate-news/article67390882.html

Sadek, Mark. PRWEB (2016). Miami Residential Prices Rise in February; Prices Still at 2004 Levels. Retrieved on March 25, 2016 from http://www.prweb.com/releases/2016/03/prweb13282030.htm