Miami Beach Real Estate Bounces BackApril 22, 2015
Miami Beach Luxury Real Estate hasn’t been this hot in a while. That’s the conclusion of not one but two reports from leading real estate sources.
A recent analysis by the Miami Association of Realtors found heady growth in overall residential real estate, which increased from 2,036 sales in February 2014 to 2,174 the same month of this year. In particular, single-family home sales rose by 14.2 percent while existing condo sales rose 1.4 percent.
Indeed, there was considerable year-over-year growth for every sector of the market in the first quarter of 2015, according to Douglas Elliman. The overall median sales price rose to $242,000, a rate of 18 percent; listing inventory was up 22.6 percent; and the number of sales increased 12.6 percent to 4,344.
While sales did fall 10 percent quarter-over-quarter, this is actually good news: a mild decline will ease price appreciation in the coming months, ensuring stable and consistent growth without pricing out buyers.
As for the much coveted Miami Beach luxury market, median sales price for condos grew by an impressive 76.1 percent to $1.25 million – with five-bedroom condos increasing to $3.7 million, by 108.3 percent – while single-family home sales grew by to $1.25 million, by an equally encouraging 4.2 percent.
The listing inventory of luxury condos and single-family homes has also risen considerably, to 139.5 percent and 7.4 percent, respectively. That means opportunities for sellers and buyers alike will continue to abound – especially if you turn to the qualified experts at Miami Beach Lifestyle.
With an incredible selection of Luxury Condos in Miami Beach, and an innovative, principled approach to real estate, no one else will help you maximize your gains in this hot market. To learn more, call (305) 982-7405.