The Miami Real Estate Recovery is in full swing…
The Miami real estate market has undergone a complete transformation from where it was 3 years ago.
See Jason Smith’s comments in the Miami Herald Business Monday section below…
http://www.miamiherald.com/2012/06/18/2854896/search-for-a-deal-leads-to-cutler.html
Below, you’ll see the Trendgraphix market report for Miami Dade County. (This represents MLS data for all Residential real estate in all price ranges…single family, condo, townhouses, multi-family are included)…
What is particularly noteworthy?
#1) In March 2011, there were 19,257 active listings in Miami Dade County on Multiple Listing Service (MLS)
Today, there are only 11,421 active listings in Miami Dade County on MLS
This is a 41% drop in available listings!
#2) In March 2011, the average cost per square foot in Miami Dade County was $158/sq foot
Today, the average cost per square foot in Miami Dade County is $206/sq foot
#3) In March 2011, there was 6.7 months of inventory in Miami Dade County. (This means that if no other listings came on the market, it would take 6.7 months to sell all of the available Miami Dade residential listings on the MLS)
Today, there is only 4.9 months of inventory in Miami Dade County.
Keep in mind that at the bottom of the market a few years back, Miami Dade County had over 50 months of inventory. This market has come a long way.
What does this mean for Buyers?
Now is the time to Buy.
With supply dwindling and historically low interest rates, the stage is set for price appreciation for residential Miami real estate.
What does this mean for Sellers?
Now is the time to Sell.
Many Sellers have held off putting their homes on the market over the past 3 years due to the lower value of their homes during the recession. The fact is that now, with dramatically reduced inventory for sale, is a strategic time to list one’s property for sale.