Sales Heating Up in Miami BeachSeptember 11, 2013
The Miami Beach real estate market is hotter than ever, as homebuyers from all over the world clamor to acquire some of the most luxurious properties on Earth. As industry sales records show, well over 100 properties have been sold since August alone, with the amount intensifying as the fall season progresses. Everything from boutique studio apartments to opulent penthouses is being sold at record speed.
In fact, as a recent report in the Miami Herald notes, the growth is almost unprecedented:
“Sales volume is as hot as the boom time of 2005, although the median prices are still far lower. More single-family homes were sold in July in Miami-Dade County than at any time since the peak of the boom. Prices, while improving, are still lagging 35 percent behind.
What’s driving the market? Supply — there isn’t much — and demand — a lot of buyers are racing against rising mortgage interest rates.
The median price of a single-family home in Miami-Dade soared 25.7 percent in July to $230,000 from $183,000 a year earlier, the Miami Association of Realtors said. Single-family home sales in Miami-Dade jumped 27.3 percent in July to 1,227 closings from 964 a year earlier. That marked the highest sales volume since 2005, when the median price was $351,200.
Miami-Dade, ground zero during the housing meltdown, has chalked up 20 consecutive months of price increases in both single-family homes and condominiums.”
Miami Beach is leading the trend, thanks to its diverse collection of properties, rich cultural scene, and ample attractions (not least of them being its pristine beachfront and year-round warmth and sunshine). In fact, condo units, which the resort-city is best known for, were especially bullish:
“Miami-Dade condo sales rose 13.4 percent in July to 1,538 closings from 1,356 a year earlier, as listings rose 13.5 percent to 8,458 units from 7,451 units a year earlier prix du viagra en pharmacie en france. Miami-Dade had a six-month supply of condos for sale in July, up from 5.6 months a year earlier and a 5.8-month supply in June.”
Miami Beach is booming with growth and opportunity – but also plenty of competition. To navigate through this real estate market and find the best properties imaginable, or to make the most out of any property you plan to sell, turn to the leading Miami Beach Realtors at Gary Hennes Realtor. Call us at 305-771-2796 to learn more.