A Look at the Housing market in Miami, Florida

brickell
Creative Commons License photo credit: alexdecarvalho

In years past, Miami has been known as hot real estate market. It seems to be viewed as a resort location. This is especially for many South Americans and some retirees as well. It is here that many set up shop or businesses that have a more continental feel. However people from all over visit and often times purchase housing, albeit for many, it’s a second home. That is why the condominium real estate market has always been very important. Many real estate investors have also always been attracted to properties in Miami. In years past you could always make a return on your real estate investment in the area, as long as you held the property for at least five years. So how has the second quarter found the real estate market in Miami?

Initially the Miami real estate market was very hard hit by the decline in the housing market. However the first quarter saw a bit of a pick up in sales, especially in the month of April. It was then that the sales in condominiums really helped to boost the real estate market. There was a thirty one percent increase in sales over this time last year. April was also very significant in that the listing price and sales price were very close in comparison. Of the close to 900 homes that were sold that month, most sellers got around 90% of the list price for their property. This signifies to many in the real estate market a rebound. The median sales price in Miami is still rather low for a city of it’s size a popularity. The median home price in the second quarter was a bit under $300k. Even with this increase in sales for the second quarter, sales are still down in comparison to years past.

However in May of the second quarter, a little over seven hundred homes were sold in Miami. These were not all condominiums in fact the quarter showed an increase in the space or square footage of the homes sold for that month by 11%. The fact that less and less homes were being put on the market and many of the sales being of single family homes, indicate a stabilization may be in the works. The Miami realtors are watching closely and a qualified agent can help you make your purchase in this often south out area.