State of the Market: Condo Price Jump in Miami!

Real Estate Blog Article

Wednesday, February 29, 2012
The 2012 real estate marketplace in Miami is off to a running start, condo prices jumped by a whopping 36% compared to January last year, according to the Miami Association of realtors. Prices also increased by 13% for single family homes, showing clear signs towards a recovery. The inventory is rapidly declining in part thanks to international investors from Brazil and Venezuela, but many buyers are seeing opportunities in Miami. The inventory has fallen over 37% since last year, and despite the fact that 50% of the available property is distressed, these properties are being rapidly acquired.
There is more good news because the pending home sales are also up 25% since 2011. The largest increase came in the single family home arena, increasing an incredible 46.4 percent. Pending home sales are direct indicators of future closings, making it a safe bet to say that real estate sales will continue to rise. Now is the right time to buy since the prices are sure to rise within the next few months. Contact us today for more details!
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