Just over a month into the new year and economists are already seeing changes in real estate market for
Miami-Dade County, as single-family home sales continue to increase in comparison with past years’ records. This is the third year in a row that we have seen a growth in the number of Miami residential real estate listings sold, with this January’s recorded sales coming it at 6.5% more than the amount of residential sales during this time in 2014. The median housing prices in Miami-Dade Country are also returning to levels close to what they had been before the market crashed, which further evidences the turnaround we have been noticing in the real estate industry over the past few years.
However, this increase in residential sales is countered with a 15% drop in Miami area condo purchases during the month of January compared with last year’s records. Economists are not worried though, as the general trend for the real estate market overall is positive and various declines in specific sectors during certain times of the season are normal and expected. Generally speaking, this report shows continued upward growth for Miami’s housing market and points toward an emergent trend of families investing in the area in a more long-term fashion, as South Florida develops into a residential, as well as commercial area.
More and more families are seeing South Florida communities as good locations to settle down and raise a family, close to business centers while also removed from the harsh weather and high stress atmosphere of some northern cities like New York or DC. The perception of the area is changing, and newly married couples are starting to see the area as a great place to quietly raise a family while still being able to have easy access to a commercial center. If you are interested in learning more about current South Florida listings then don’t wait, contact a RE/MAX agent today!