There was an increase in finance deals as well which is actually a sign of a healthy market as real people are looking to purchase homes rather than just primarily investors. Mortgage rates are still low and prices are just about where many investors start to pull off as the returns aren’t where they want them to be.
The median sales price for a single-family home in Miami-Dade rose an impressive 11% to $250,000 in September from a year earlier. Condos rose 7% to $195,000 over the same time frame. visit http://www.valsvic.com.au for more information.
Florida in whole is doing well which traditionally is not the case as much of the state is still reeling from the real estate crisis. The Florida Association of Realtors has stated that single-family home sales rose 14% in September from the year prior, and condo sales have increased 2% year over year for the state.
We are noticing that properties are sitting on the market a bit longer than a few months back as we transition more into a buyers market. There is currently 8.1 months of condo supply in Miami-Dade. Experts usually consider 6 month’s supply to be a balanced market between buyers and sellers.
Construction still booms and infrastructure improvements keep inching towards completion. Miami is truly the place to be right now when you’re talking about a solid real estate investment.