How is the Miami Real Estate Market Doing?
Here it is the middle of 2016 and it’s clear the real estate market has slowed its steady rising trend of the last few years to a more sustainable pace. Everyone is taking a breath. Sellers are considering price reductions to be competitive with the rise in inventory. Buyers have lots to choose from and it looks like it is their market for the moment. Still Miami is made up of many sub-markets with their own unique market trends, so to avoid Twain’s generalizations, have a quick look at the numbers below.
Miami Sales Activity by Sub-Market
It is clear from the 2016 mid-year market data that Miami’s sub-markets follow different trends. For instance, Miami North experienced a 25% drop in home sales over mid-year 2015. The Miami Beaches experienced a 20% drop in home sales.
Mid-Year Real Estate Sales Data
Areas within these sub-markets can vary dramatically, too. For instance, the median sale price for Golden Beach homes jumped 140%, while the median sale price for Sunny Isles condos dropped 6%. Have a quick look at crucial Miami real estate sales data, including sales prices and number of sales, below.
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