A Closer Look in the Miami Real Estate Market

For the past years, the economic highlight was placed on the real estate market. Due to ominous conditions of the housing market, it is only natural for people to shun from purchasing real property – the What Happens If You Never Buy A House same goes for sellers. Fortunately, the real estate arena has been silently picking up in most states especially Florida. The Miami real estate market conditions are beginning to turn for the better.
Market Conditions
Without looking deeper into the real estate market conditions of Florida, most people would conclude that property sales are taking a nosedive for the worst. That apparent illustration is very far from the truth. In fact, experts reveal that home sales of the Miami real estate market are beginning to soar and projected to stabilize in the coming months.
Numbers released by the Florida Association of Realtors are promising. Sales of homes continue to rise as bargain hunters from all over the country flock to purchase homes owned by the bank. Sales of single-family homes in the Miami-Dade County were shown to increase by more than 50 percent as compared to last years findings.
Market Pricing How Does Selling A House Work With A Mortgage
The positive news of the Miami real estate market and Florida as a whole can be attributed to: a.) the falling prices of high-priced properties, which constitute a larger share in the market, and b.) the decreasing presence of distressed homes entering the market.
Those looking for properties to buy in Miami would be happy to know that the average prices per square foot have dropped to almost 40 percent as compared to last years prices. In actual numbers, this percentage translates to $127. Currently, there are thousands of homes available in Miami. The average price of listed properties are somewhere around $390,000 or a 3% decrease. Of course, home prices for Miami’s more popular neighborhoods are costlier but equally affected by the price drop.
Market Listings
The vast majority of property listings in the Miami real estate market consist of distressed homes. However, the number of foreclosure listings is slowly beginning to decline as market hunters start buying more and more properties. Apartments, condos and some high-priced homes share the remaining slot of available properties. The positive decline of foreclosure properties only suggests that things are starting to get better because sale prices will start to go down and this would definitely affect the prices of other available properties. Compared to the rest of the country, the real estate market of Miami, as well as others parts of Florida, is significantly brighter.

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