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. Still, as the price of the properties is rising, the number of sales is starting to slow just slightly. This tends to mean that the buyers have many more choices and they are waiting to see if they can get a better price for properties. 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. Plenty of homes are available in Broward, Palm Beach, and Miami-Dade counties, and those rising prices might start to slow a bit as the buyers hold off on making actual purchases.
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? A couple of years ago, the price of homes dropped quite a bit because of the crash. Now, the economy and the real estate market are getting better and stronger. Homes have been selling briskly up until recently. This causes many sellers to feel that they can ask more for their property and that they should be able to get it. They feel that their property should get more than a home that recently sold in the area because they think their property is nicer or better.
They don’t take into account all of the other factors, including the market, that will affect the price of their home. Buyers are not biting though. They have a surplus of properties from which they can choose, and they are able to look at other options. They don’t need to spend more than they want to spend because they will find something that they love within their budget relatively soon and they know it.
The prices should start to come down, at least from those sellers who are realistic about their property and what they can reasonably get for it in the current market. Buyers just need to wait and negotiate.
For a complete list of currently available properties for sale in Dade and Broward counties, please VISIT MY WEBSITE