Sales are up, mortgage rates are at all time lows, and inventory is shrinking, what an exciting time in Miami Beach Real Estate! The sale of condos in Miami Beach have been steadily increasing since 2010 and the sale of over $1million dollar properties are witnessing the largest gains. Since the job market is experiencing growth, the market is further bolstered by new homeowners purchasing properties.
In South Florida, we are also experiencing booms of buyers from Latin America, China, and Israel. Second home buyers and investors have long been attracted to Miami for its incredible weather, attractions, and good resale value. Below are some of the to the minute statistics of the market today and we are very excited to report these gains. It is an ideal time to both list and buy, so do not delay! These statistics are reported from Altos Research.
Price Trends: Median Price of Single Family Home: $1,512,231
Market Conditions: Action index of 16.20
Home and Demand Trend: Average day on the market: 277
Price Per Square Foot: Median Price of $488
Homes for Sale: 418