Florida is rapidly joining the rest of the nation with increased home prices. The average listing price for Miami is $383,000 up 6% over last week. The median sales prices it $250,000, up 12% over last year or $27,000. The median list price is about $360,000, up 14% over last year. There are about 3% distressed properties on the market with a median days on the market at about 84, which is also up 8% over last year. This is for single-family homes, town houses and condominiums across the board.
According to CoreLogic, the year over year price has increased by nearly 8% not including distressed sales. This is higher than the national average of 6.5%. This current cycle of home appreciation is going strong for nearly 4 years. With higher consumer confidence coupled with a robust labor market, this can feel this jump in home prices the route 2015 and well into 2016.
The same research shows that only four states saw home price depreciation, Massachusetts, Connecticut, Louisiana and Mississippi.
The number of sales for the Miami area has actually dropped over the last year at 2.7%. The total number of sales was 3339 over one year. This proves the trend that supply and demand is playing a large factor in the increase in home prices. Fewer sales naturally drives up the price.
The hottest markets throughout the Miami real estate area include Coral Way, Wynwood, Edgewater, Coconut Grove and West Little Havana.
For the townhouse and condominium market the median list price is $350,000 with a median days on the market at 95, up 12% over last year. Total inventory has dropped a 44% from last year at this time. This makes condominiums and town houses a hot commodity.
Miami's average rent rose by $80 in just three months this summer. In May, Miami's average rent was $1800 a month and now is at $1880 a month. This increase comes during Miami's traditional slow season, which is actually the hot sticky summer. We've seen rents actually drop in the summer in increase in the winter.
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