Miami Real Estate Market Continues to Heat Up
June 10, 2015
The latest data from the Miami Association of Realtors shows that the city continues to be one of the busiest real estate markets in the U.S. According to a report from propertywire.com, the median sales prices for all housing types in the area have increased for the month of April. The highest rates of increase, according to the report of the local realtors association, have been in the single family homes market.
According to Miami Association of Realtors President Christopher Zoller, “The continued stability in Miami’s job market and low interest rates are improving buyer confidence. Not only are we seeing more single family home sales in Miami, but we are seeing more homes and condos listed as seller confidence grows.”
Some market analysts have advised individuals to be cautious, as this may be the advent of a property bubble. One of these, as reported on miamiherald.com, is Dezer Development President Gil Dezer. According to Dezer, “The buildings aren’t selling out in five minutes anymore because there’s the same number of buyers for some projects. It’s not a normal or stable market when the units are going that fast.”
The influx of foreign buyers has fueled the meteoric activity in the Miami housing market. According to a report from usatoday.com, as much as 70 percent of total home purchases in the Miami area have been paid in cash in March 2014, as observed by CoreLogic, a real estate research firm. While this is a decline of volume compared to December last year, this is still above the national average of 35.5 percent of cash-paid home sales.
Condominiums remain to be the largest selling property in the area, with 65.8 percent of condo sales paid for in cash in April 2015. Single family homes paid in cash accounted for 35.7 percent of total sales for the market.
There is no sign of the Miami housing market slowing down, according to the same propertywire.com report, as active listings for the month of April 2015 is higher than the 2014 figures for the same month. However, this figure is reportedly still 60 percent lower compared to 2008 levels for the listings market.