According to housing data from the Florida Realtors, the housing market in Miami and Florida is beginning to rebound with median prices on the rise, a higher percentage of pending sales, and a lower Miami real estate inventory. The President of Florida Realtors, Summer Greene, has said that the housing market is showing signs of recovery. This is expected to continue in the coming months.
Statistics from the prior year indicate that the median sales price has increased by 10.3% to $139,000 this year for single-family homes. The statewide median for condos and townhome properties is up to $105,000, which is a 20.8% increase from the year before. As Florida real estate values soar, the market trends indicate that there will be an upsurge in homeowners attempting to buy or build their own home in the Sunshine State.
While the national median sale price of homes in the United States moved upwards only slightly this past year, the real estate market in Florida showed particular promise with a noticeable rebound. These trends are encouraging for several reasons. As the real estate market expands and rebounds from the global financial crisis, it indicates that the crisis may be coming to a close with recovery well on its way. As such, homeowners may be looking to sell more properties, and homebuyers will still be able to find affordable prices on single-family homes, condos, or townhomes.
With decreasing inventory and strong pending sales, Florida Realtors are expecting a much better turnaround in the coming months for the Florida housing market. With low interest rates to attract more homebuyers and great market conditions, realtors are finding more opportunities to sell homes, as there are more potential homebuyers and an increasing number of people willing to sell their home in this market.
The median home value is the middle value, meaning that half of all homes sold for more than that value and half less. With these new numbers, the market is seeing real change and posting remarkable recovery numbers. The median price would probably be higher, analysts say, if the value of foreclosures and distressed properties were not pulling down the median value.
With these positive trends, there is reason to be optimistic that the housing market is rebounding and will show more promise in the future. Whether you are looking to buy or sell, the revitalization of the housing market is a welcome change for everyone, however you should always consult with a local, knowledgeable Miami realtor.