The price of homes located in the Miami Beach area is on the rise according to data recorded by Standard and Poor’s/Case-Shiller between March 2013 and March 2014. They showed that the prices for homes in Miami-Dade, Broward, and Palm Beach counties showed an increase of 1.6 percent between February and March during the usual seasonal adjustment. They also showed that the price of homes across the nation took a jump of about 10.3 percent over the course of the year. In South Florida, the price rose by about 16.2% in that time.
What Could the Numbers Mean?
This shows us several things. First, it shows that interest in the properties in the area is at an all time high and that the interest is still growing. It also shows that, even though the prices are rising, people are still willing to buy for several reasons. The location is great. They will be near the things they want to see and do, making it perfect for a fulltime home, a vacation home, or even an investment property.
Of course, a good location close to the water also helps when reselling, and smart buyers know that. Waterfront properties, for example, tend to gain quite a bit of interest from buyers, so being in a beach area is always a good thing for buyers.
One of the other nice things to note is that it is currently a buyer’s market in South Florida. Even though the prices of the homes are rising, and it is a good idea to act fast when you see a property that you life, there are plenty of options out there. This means that the price of the homes will still need to stay in line with what the market will bear.
South Florida Active Listings on the Rise
Listings come onto the market all the time, so buyers will always have new properties coming onto their radar. The South Florida housing inventory rose to 41,712 active listings in late may. Sales dropped just slightly from 22,000 to 22,157 over the last week, and the number of pending sales dropped by approximately 375 over the course of the month.
As you can see, there does not seem to be a shortage of properties available for those who want to buy in the South Florida area. When choosing property though, it is important to look at everything that you can in regards to the location, amenities, and features. Having a property right at the beach is a great thing, and many condominium complexes in the area have places available for buyers right now. However, buyers also need to consider the quality of the place, the size, and the price to make sure it really is a good investment. Working with a good real estate agent who has experience in the area is the best way to make sure that you are getting access to the best possible properties.