Thursday, August 23, 2012
According to the RE/MAX National Housing Report, the supply of homes in Miami as of the month of July is at 3.1 months. Most experts place a healthy markets supply at the 6-9month mark. We have noticed this especially in Miami Beach, as there is very little inventory on the market. With little inventory, it is also no surprise that the average price for a home in South Florida rose 3.8% in July and the average rent rose 4.5%. The median home price in South Florida is $145,600 and the median rental price is $1,594. This means two things, it is an excellent time to list you South Florida home, and it is also an excellent time to purchase investment properties to rent. Rents are getting much higher and prices are still around 30% below what they were at the height. Since rents are increasing faster than home prices, it is a good time to purchase investment properties. Contact us today for the latest in Real Estate News.
