HOT Miami Real Estate What You Need To Know About The Current Market
Miami-Dade hit record high numbers in overnight visitors in 2013, with 14 million people exploring the cities and beaches. There is no question that Miami is hot, but let’s explore Miami’s real estate market for those who want to stay for more than just a night or two.
From May 2013 to May 2014, we have seen the average sale price increase by 3.8%. Also, it is a market for picky buyers, who want to shop around for that perfect Miami-Dade townhouse. The the percentage of active listings increased by thirty-six in the same time period. The 2014 market looks to stay strong.
While the number of closed sales and the median sale price have risen steadily since 2010, total inventory has significantly lowered. Recovering from the hit of a poor economy and a flooded housing market, buyers are once again showing interest and trust in the real estate industry.
Compared to May of last year, we see a 24.2% increase in median sale price on Foreclosure/REO, with a 7.8% increase on closed sales. Short Sale closed sales dramatically dropped 62.5%, while the median sale price increased 10.6%.
The U.S. market is seeing a boom in international buyers, with an estimated total of international sales hitting a high of $92.2 billion from April 2013 to March 2014, according to the National Association of Realtors. Florida sales accounted for 23% of that total – higher than any other state.
It is no wonder 28% of realtors have reported working with international clients this year with these alluring conditions drawing abroad buyers to the U.S. market: + Favorable exchange rates + Rising affluence abroad + Economic stability + Affordable prices
Miami-Dade is a hot spot for international buyers, with the county offering a slice of real estate to meet the needs of just about any buyer. According to the 2014 Profile of International Home Buying Activity Report, 13% of international buyers prefer to purchase in a resort area, nearly a quarter buy in an urban area or central city, and almost half choose properties in the suburbs.
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Resources Tourism Statistics http://www.miamiherald.com/2014/02/26/3961532/miami-tourism-hit-record-numbers.html Miami-Dade County Real Estate Statistics https://www.miamire.com/docs/default-source/monthly-market-reports/miami-dade-county_townhouses-and-condos_2014-05_summary.pdf?sfvrsn=2 International Buyers Statistics http://www.worldpropertychannel.com/north-america-residential-news/foreign-home-buyers-international-home-buyers-nar-foreign-buyers-report-2014-profile-of-international-home-buying-activity-miami-real-estate-news-steve-brown-8345.php Image Attributions All images provided by decorusrealty.com, except for the following: Slide 2 - Miami Lifeguard Station http://www.freeimages.com/photo/730406 Slide 8 - Miami Marina http://www.freeimages.com/photo/305801 Slide 10 - South Beach http://www.freeimages.com/photo/688859