Here's what you need to know about the Miami real estate market if you're planning on buying or selling in the next couple of months.
There are currently about 7700 properties for sale across the Miami Metro area including lots, parcels of land, manufactured homes, single-family homes, and condominiums. The median list price as of the publishing of this post for May is currently $419,000. Days on the market hovers between 60 and 90 days.
We are technically in a neutral market right now, where we lean a little bit more towards the buyers market side, which means there is plenty of inventory and decent prices. There's been a 3.5 change in the home value index bringing the average home value to about $300,000. The median sales price according to other real estate websites is about $280,000 or $190-$200 per square foot. The median rent in Miami is skyrocketing, currently at $2250.
We haven't seen a dip in our market like many markets across the US. Ours has steadily been increasing since about May of last year. Our median sales price last year at this time was $255,000 and now were nearly at $285,000. However, our condo market has stalled slightly at the beginning of this year. Several real estate economists actually fill that by May 2018, condo prices may drop up to 40%. That's quite a big drop and while sellers should get on the ball now if they're planning on selling, buyers may want to wait until next year to see what happens. In the last six months, prices for condominiums have kind of stalled across the board. Several buyers, I've spoken with say they are waiting until 2018 if they can before they buy.
Back in November, a report from the Miami Association of Realtors showed that the third-quarter sales of existing condominiums dropped by about 19% compared to the same time last year or 2015. But, within the next month or two, prices increased by 6%. Miami also had a 13 month supply of existing condominiums on the market back in November and December, which is a strong indicator of a buyer's market. Because of this, some developers are actually pulling back on their developments because they don't want the supply of condominiums being outpaced by the demand.
Currently, the median list price for a condo in Miami $385,000 with a total inventory of about 5300 units. Days on the market though, are a little bit higher at 112 days for condominiums versus 92 for single-family homes.
If you're interested in buying or selling at this time give me a call. We can work up a strategy to help you sell for the most money or by at the right time. We can talk over all of the details of your situation and when might be the best time to buy or sell throughout Miami.