If you are looking to sell your home in Miami, things are starting to look up, according to new statistics out this week.
There is no doubt that the property crash had a devastating effect on the Miami real estate market. Housing inventories peaked at 79,251 in November 2007, and have been falling steadily since then, according to the Department of Numbers' latest figures. This month, May 2012, we find that housing inventories are at just 27,117. Sellers have been put off by declining property values as buyers have been finding it more difficult to find finance. However, in the last year, median property values in Dade county, have been increasing, from a low of $182,260 in January 2011 to $233,333 this month.
And just this month, Miami Beach set a new record with a penthouse unit at the Continuum selling at a whopping $25m!
When selling prices fall and inventories are falling, that's a sure sign of a buyer's market, with sellers taking what they can for their property. Markets can be notoriously difficult to read from historical data, but when there are falling inventories but rising prices, it could be an indication that scarce real estate supply is pushing up property values. That is likely to be the case in Miami, where there are many buyers coming in from overseas looking for the perfect home.
Please click on this link to view the Housing Trends MAY-2012 Newsletterhttp://britishmiamirealtor.housingtrendsenewsletter.com
The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau, Realtor.org reports and other sources.
Kelly Charles can help you find the perfect buyer, if you've got a place to sell in the Miami Beach area. It's a great time to take the plunge!