According to the Miami Association of Realtors, the times are looking good for both potential buyers and those looking to sell their property in Miami- Dade. With more sales and listings, a significant activation period has begun.
Property values for residential homes in Miami on the rise
Both Single-family units as well as condos sale are thriving. The sales continue to go up at an increasing speed when compared to 2012. In addition, the number of homes in financial trouble is going down, including those in foreclosure. This past August was a good month for both property values and sales.
According to both Miami Association of Realtors and MLS, South Florida has seen sales going up, and especially with closing price tags extremely close to initial asking prices. The amount of single-family homes sold went up 15% from 1051 last year to 1210. Moreover, condos sales also went up but at a slower rate, 7.9%
In addition, price tags on single-family homes went up 20.5%, and 2.2% compared to previous months. For the past 26 months condo sales have gone up consistently, achieving today a total 27.5% increase and a 5.5% increase compared to the figures this past summer.
Miami sees a decline in forecloruses
The success in the current market is also proved by the decreasing number is foreclosure homes. Recently in Miami Dade County, the number of homes at financial risk has gone down significantly and surprisingly. This past august only 36% of homes sold were in financial troubles, including foreclosures and short sales, compared to 45% in 2012.
In addition, property values for both single family homes and condos sold in foreclosure also went up, with a 19.7% rise for single family homes and 24.7% for condos.
Miami Real Estate is almost SOLD OUT
The boom in the market causes properties to fly away off the market. Properties are selling quickly at a prices very close to initial asking prices. In the month of August 2013, single-family homes were an average of 35 days on market before selling, and condos came in close at 46 days. Also, selling prices of single-family homes came at 96.2% of initial asking prices, and condos slightly higher at 97.2%
Most definitely, more listings are needed in order to fulfill demands in the market. Active listings at the end of august went up 3.1% compared to 2012. In spite of the increase in properties listed, the demand is not fulfilled. More new properties on the market are needed to satisfy these new demands.
As the market continues to blossom pre constructions are more prevalent than ever to meet our consumer needs.