Lack of inventory and continued voracious demand, have home prices at 2003 levels. The Miami Association of Realtors announced the new median numbers for single family homes and condominiums and they continue to increase. The median price of Miami Dade single family homes has risen 25.1% to $225,000 this March from last year. The median condo price has risen 19.3% since last March. These increases are not simply in Miami Dade county either, in Broward median single family home prices increased by 25.3% and townhomes and condos increased by 27.3%. Experts say they do not see a slow in this growth given the limited inventory and continued demand by cash and non-cash buyers.
Miami Dade county was one of the most damaged market by the recession in 2008, but it has witnessed one of the biggest comebacks in the nation. March marks the 16 consecutive months of gains in home prices and buyers are still rushing to take advantage of the 2003 pricing. Since builders were unable to obtain lending for some time after the recession, the amount of available new properties are scant. This will not be for long however, since in Miami Dade over 100 new condominium towers are underconstruction. Foreign liquid capital is driving the demand and those looking to finance are often being beaten to the property by a cash buyer. Homes that are competitively priced are often receiving multiple offers in a very short amount of time. As soon as a home is listed, it is often under contract in under a week. If you are looking to sell, we advise that you take advantage of these conditions now, before the new share of condos is available. Contact us for a free comparative market analysis.