One of the constants in Miami as well as South Florida is that the quality of the condominiums and other properties that are available never seems to wane. However, this also means that the prices of those homes tend to rise as well. It is starting to become a buyer’s market once again, and those who are going to be buying soon should see this as a promising sign.
The Numbers
Currently, the median price of a single-family home in the Miami-Dade area is up by about 8%, hitting $243,000. The median condominium price rose by an even higher percentage – 10% in that time, but it did see something of a drop in March of 2014. The sales of single-family homes in the area were up by about 5.6% from the previous year. These changes mean that it’s becoming less of a seller’s market, as mentioned. The real estate market seems as though it is stabilizing and balancing. The same is happening in Broward County. The inventory is going up and the sales are starting to slow. In Broward, we see that the price for a home went up by 9.2% over the past year, with the median price for a home being $273,000. Condo prices rose by quite a bit more. In fact, they were up by 14.3%.
Why the Rising Price?
What is it that is causing people to raise the price of their homes? To find out, READ MORE at the Sunny Isles Miami Real Estate Blog.
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