The Florida real estate market has now seen 34 consecutive months of median sales growth. Single-family homes saw a year over year increase of 5.9%, with condo prices slightly outpacing them at 9.8% higher than a year ago. Similarly, closed sales for single-family homes and condos rose 13.5% and 2% respectively. The data, compiled by Florida Realtors, paints a rosy picture of the current, and future, state of the state’s real estate market. With prices, sales and listings all increasing over the past year market turnover is increasing, a positive sign for all parties involved.
The inflationary environment seen in Florida’s real estate market increases the likelihood that current homeowners list their property. This increase inventory is generally perceived as healthy for a market still recovering from the housing crisis. According to Florida Realtor’s Chief Economist Dr. John Tuccillo, “Both single-family and townhouse and condo sales were up, but so were new listings and pending sales. Despite this, inventory, as measured in months, remained about the same in a range that indicates a balanced market. So, more houses are coming on the market and more people are buying.” This heightened level of activity is a key driver towards achieving healthy, stable housing markets. As discussed in prior postings, Dr. Tuccillo goes to say that large investors and foreign buyers are increasingly active in the townhouse and condo markets.
All these factors support the continued growth and success of Miami real estate. As more buyers and sellers enter the market it will become easier and easier to connect sellers with potential buyers. If you are interested in buying or selling Miami real estate please feel free to contact a RE/MAX agent today with any questions!