Currently, about halfway through 2015, the residential real estate market is on track to be the best year since 2006. However in 2006, this peak was reached during a housing bubble, meaning demand peaked because supply was low, but when demand lessens and supply grows again, the bubble bursts. However, according to realtor.com chief economist Jonathan Smoke, this time we are not seeing a housing bubble because the job market continues to grow. Over 3 million jobs were added in the US this year, and this job growth increases demand for homes. Due to this increase, homes are selling more quickly than they had been in recent years. Some markets are seeing homes only stay on the market for 18-45 days, with last year’s median age of inventory having been 74 days. Homeowners are also seeing gains in equity over the last year as median home prices rise. At this level of growth as we near the midpoint of 2015, total home sales could reach 6 million which was near the peak in 2006.
Being in the midst of one of the strongest real estate years of the last decade, now is the time to become a part of the market in the Miami area. Contact a RE/MAX agent to help you find the home of your dreams before demand and prices continue to increase!
