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Miami Real Estate Continues to Do Well


December 6, 2016

miami

Miami’s real estate market remains as hot as its sultry temperatures and the eclectic cast of people it calls its residents, proving the “Magic City” is still the place to call home. Despite the various headlines suggesting otherwise, there is some good news to report.

Back in September, the Miami Association of Realtors announced that the city’s single family home market experienced its best August performance ever, with median prices as well as transaction volume seeing tremendous gains. The association also noted that distressed sales dipped by nearly 40 percent year over year when comparing August 2015 to August of this year.

Back in September, Florida Realtors reported that the state’s housing market had more closed sales, boosted median prices, and a greater number of new listings. There were also not as many all-cash closed sales during the month of August. Per the Miami Downtown Development Authority, the city’s downtown population has skyrocketed by more than 100 percent since the beginning of the 2000s.

Income has increased in the downtown area, interest rates remain low, foreign buyers remain interested, sellers are dropping prices to more realistic levels, the prices are negotiable, there are many reasons to suggest Miami’s real estate scene is doing just fine.

This update is presented by the Miami Beach Realtors representing Blackstone International Realty, specializing in Continuum South Beach.  If you are interested in Miami Beach condos such as the Continuum condos for sale, call Continuum expert Tim at 305-588-2451 for information on sales and rentals.