With the median sale price of a home in Miami-Dade rising over 9% in the past year, it’s safe to say that the South Florida real estate market is on fire.
In October 2017 alone, the total dollar volume of single-family homes was more than $481 million with the median time to contract sitting at less than fifty days. These numbers set the stage for a super competitive market that is poised for growth.
Whether you’re interested in buying or selling in South Florida, now is a great time to do it. Experts are even predicting that this trend will continue into 2019.
If you’re wondering what the Florida real estate market is doing this summer and moving into next year, then you’ve come to the right place. In this article, we’re discussing how the Florida housing market is heating up.
Keep reading to learn more.
A Quick Peek at the Florida Real Estate Market
With home prices on the rise and more and more buyers seeking real estate in South Florida, it’s a busy and exciting time for those looking to buy or sell. It’s also unlike most housing markets in the United States at this time.
The bottom line: if you live in South Florida, or you want to, now is the time to take action.
Sellers can be extremely selective about their buyers in a seller’s market.
A seller’s market means that demand for homes is high and prices are high so you’ll be sure to get your money’s worth–even if you sell your home by yourself without a realtor.
Florida’s real estate market health currently ranks 9 out of 10 with the average home selling for $223,200. Listings are also down, which makes homes sell faster.
The prediction is that there will be a further increase moving into 2019.
Luxury real estate is defined as homes that list for over $1 million and the luxury market in South Florida is huge. There are over 750 luxury listings for the city of Miami alone.
And, while there has been a decline in international investments in South Florida, the luxury market is more keen to buyers.
Finally, construction is also on the rise with more and more demand for property. This could lead to a change in whether it’s a buyer’s market or seller’s market in the near future.
The Florida real estate market is booming right now as it has been for several years.
With the recent influx of baby boomers retiring, there is even more opportunity to buy in Florida, where the sun shines almost all year round. There’s no need to keep shoveling snow and fighting traffic where you live now–invest in Florida real estate instead.
The majority of South Florida real estate markets come in at a steep discount in comparison to other metropolitan markets, both domestically and globally. This makes moving here quite an enticing option. It’s also a strong investment proposition.
Selling has also never been easier with potential buyers lining up to get in on what’s hot. If you’re ready to sell your Florida home, fast, feel free to contact us.