There is no question that Miami is one of the hottest cities when it comes to real estate, and it has been doing quite well every since the economy and the real estate market started to recover. They city and surrounding area has seen a nice increase in the number of sales, as well as the price of homes, in the second quarter of 2015 when compared with the previous year.
Miami Is Still the Place to Buy
During the second quarter (April, May, and June) of 2015, there were 3,913 homes sold in Miami. This number marks an increase of 7.2% over the same months in 2014. During that time, the median home price happened to go up as well. It rose 10.6% from $245,000 to $271,000. Normally, when the prices go up by more than 10%, you don’t see the number of sales go up as well. People tend to slow down and consider other areas. Of course, Miami doesn’t have that trouble at all.
People want to live in Miami, even if they might be paying more than they would have a year ago. The vibrant city, the proximity of the beach, and the fact that the real estate value has such a potential to keep rising is encouraging more and more people to buy in Miami. Some of the buyers are from the United States, but there are a number of foreign buyers as well. Canada and China are just two countries that have a lot of residents looking at Miami property.
Another thing to keep in mind is that the number of homes offered between last year and this year has remained about the same. Even though there is approximately the same number of homes on the market, the sales have picked up, and that means that buyers are going to be competing for properties. Naturally, this has the potential to push the prices higher, as it becomes a seller’s market.
Both buyers and sellers are confident in the market, and that is really helping to push the sales to the next level. Considering the fact that mortgage rates today are actually very low, and that the price of the homes, even though they’ve been rising, are still affordable for many buyers, and it is easy to see why the sales have been growing this year.
While the single-family homes have been doing very well, the sale of condominiums has slowed down slightly. According to reports, even though the sales prices for condos increased, the number of sales dipped by about 1.8%. New listings for condos dropped as well, but that certainly doesn’t mean condos are necessarily struggling.
The Miami condominium market is faring decently when compared with many other areas, and with the increased interest in Miami, it is possible that the sales will pick up between now and the end of the year. With all that Miami has to offer, it is no wonder the desire to live in the city is continuing to rise.