Condo Sales in Miami level while homes go up:
Condo sales in Miami and the tri- county area (Miami, Fort Lauderdale and Palm Beach) are leveling and that is a good thing. We have all suffered “the morning after” crash to reality after the hipe of the real estate party years ago when the market collapsed. What seemed an unstoppable train of rising prices and flipping frenzy turned into a panicky stop. Now, after the painful recovery, it seems we have all learned a thing or two. At least the market is saying so with numbers and stats. We have come a long way in the recovery and prices are getting to pre-bubble times but this time around catching the breath and slowing into a normal healthy level. Healthy enough to allow appreciation and avoid flipping madness.
There were 3,371 condo sales in Miami and tri-county area in February, up from 3,142 sales in January and up 0.1 percent compared to same period in 2014. The median price, however, was up 4 percent year-over-year to $145,750. Now remember these figures encompass all of the tri-county area from hot Brickell to areas like Homestead or Lantana so don’t expect to find an oceanfront condo in Sunny Isles Beach at this price (though we can find you some pretty good deals).
Single family home sales in the tri-county area went up 17.9% from last year and median price in January was $260,000 which means homes are catching up to condo sales in Miami. This is an indication of organic growth of the local market (condo sales in Miami are a mix of vacation, investment and permanent use while homes tend to be mostly permanent).
If you are a runner, you know that you can train your endurance and run a little further every week, but if you don’t level at some point you will eventually hurt yourself and come to a painful stop. It looks like condo sales in Miami have finally learned the proper care for a healthy long run.
If you are interested in learning more about condo sales in Miami and buying a property contact us right away, we know the market, we can help: call 786-251-9513 or email email@example.com