Miami Real Estate Market Continues To Climb

Today Property Wire issued a report on the Miami real estate market which may interest those foreign buyers who are investing in Miami.

Reports indicate real estate investors continue to plow money into Miami long after many experts predicted inventory and/or interest would dry up. The Miami Association of Realtors notes that supply is waning, but it appears to just add more fuel to the fire as the shortage drives prices up, thereby attracting even more buyers and sellers to the market.

The median sales price for single-family homes has increased more than 25% for the year ending in March, bolstered by 16 consecutive months of price growth. Analysts predict continued market strengthening, although questions remain about how long supply will last. For more on this continue reading the following article from Property Wire.

Prices of single family homes in Miami have surged with the market overall seeing price growth for 16 months in a row, the latest data from the Miami Association of Realtors shows. The median sales price of single family homes have increased by 25.1% to $225,000 year on year and in March prices were up 16% on February, the highest percentage increase for the median sales price of single family homes since the height of the previous real estate boom in 2005.

The median sales price of condominiums, which has significantly increased each of the last 21 months, rose 19.3% to $167,000 compared to a year earlier and 1.2% compared to the previous month. ‘The Miami real estate market is experiencing comprehensive strengthening fuelled by robust demand and limited supply,’ said Natascha Tello, chairman of the board of the Miami Association of Realtors. ‘The local market has seen consistent double-digit appreciation for a significant number of months while inventory declines in every price point, reflecting the demand that exists for all types of Miami properties,’ she explained. ‘Current market indicators coupled with buyer trends and Miami’s worldwide appeal point to solid strengthening into the future,’ she added.