Real Estate Miami – Miami Beach: Median Sales Price Of Condos Up 35.4%

Real Estate Miami – Miami Beach_median prices are upReal Estate Miami – Miami Beach: Median Sales Price Of Condos Up 35.4%

“Woulda-coulda-shoulda” – sad laments of those who failed to grasp opportunity. For those that are waiting for the real estate prices in Miami Beach to hit the bottom…they missed it; and I must add- quite a while ago. Prices as well as sales, are moving back up nationwide and have climbed up in SE Florida.

The figures below attest to the validity of this statement.

The median sales prices of condominiums in Miami and the Beaches are up 35.4 percent year-to-date, according to data released by the Miami Association of Realtors. The median sales price of condos in the area has risen for 13 months in a row, with a 15.2 percent increase in July compared to the same period in 2011. Single-family home prices rose 2.8 percent.

“The Miami real estate market continues to attract demand as inventory consistently decreases, yielding significant price appreciation,” said Martha Pomares, 2012 chairman of the board of the Miami Association of Realtors. The average sales price for Miami condos rose 7.9 percent in July.

The reports on the real estate Miami Beach market conditions we have been sending over the last year or so, have been broadcasting the same message and all figures have been consistent in supporting them. Even the most conservative media had finally caught up with these. So, why is it that there are still some buyers still “waiting for the prices to come down”?

The fact is that there are good deals in every market. It is also a fact that if a good deal was $525,000 last year in a certain condo building, today the same unit line is $600,000 at 4% mortgage, and next year, it may be at $675,000 not to mention the expectation of higher mortgage rate. And, if we take a look at the luxury market, Miami is considered one of the three “Super Prime” real estate markets in the United States along with LA (CA) and NYC, (NY) for properties valued at 20M and up. After a brief state of “slow”, now more than ever the high end properties are in high demand!

In a nut shell, if you are seriously interested in buying your “place under the Florida sun”, this great condo or, a home that is a good bargain today and will be, for the years to come, don’t delay to reach out and contact a knowledgeable agent. You need knowledge and inside information, you need someone who can safely guide you in the maze of “deals”.

Speak Your Mind

Copyright © 2012 | Kate Smith, LLC | Information deemed reliable, but not guaranteed |