South Florida Homes
The most recent release of the S&P/Case Shiller Home Price Index shows that South Florida Homes are increasing in price at a rate that is on par with the top metropolitan areas, which evidences the rising demand for properties throughout the area. Miami is growing in notoriety, and with this comes an increase in demand for properties, which combined with the healthier economy caused this swell in prices. The report showed that the Miami area increased 9.2 percent in ranking compared to last year, with a 0.6 percent increase since January alone. That growth did not quite qualify for the top spot for highest price increase, South Florida homes were preceded by both Denver and San Francisco on this past index. This trend was also seen nationwide, as overall the 20 cities surveyed reflected a 5 percent growth compared with the previous year’s report, which illustrates the widespread prosperity the U.S. real estate market has seen in general recently.
The increase in prices is a direct result of the laws of supply and demand. In a very well established market like South Beach, you see little new inventory coming to market, with always high demand. In the Brickell and Midtown markets, you are seeing increased supply along with healthy demand. It is important to drill down into the very specific neighborhood or even condominium if looking at that market, to truly understand the laws of supply and demand in that specific product, and analyze the data when making important decision such as, listing a home for sale.
South Florida homes are rapidly becoming some of the most in demand properties on the market as the status of the city and surrounding areas explodes, both domestically and internationally. This growth is due to a combination of multiple factors, such as a healthy economy that allows more people to purchase a second home, Miami’s connection to the global marketplace, and the attractive climate offered year round. Now is the time to invest in South Florida homes, whether commercial or residential, so contact a RE/MAX agent today to find the perfect property for your needs.