News outlets across the country have been reporting about the strong real estate market in Miami. In fact, luxury homes across Miami increased by 34% from the same quarter last year. However with prices rising so quickly, some people are concerned that we are headed for another bust.
Experts believe that this time around, the market is in a much more stable position. First of all, most deals today are sold with cash. If properties aren't being financed than there is much less chance for a bubble bursting.
Also we are seeing an influx of wealtheir clientele into the Miami marketplace. For many people purchasing in the luxury sector, they are buying second and third homes. These buyers are much more stable than those who contributed to the previous real esate crash.
Another indication that the market is healthy is that homes are selling very quickly. The median number of days on the market is currently down from the same time period last year. This tells us that our inventory levels are in line with current demand.
All in all, I would say that the real estate market in Miami is very healthy and will continue to thrive in the coming years.