Miami Condo and Townhouse Real Estate Market
There is no shortage of condominiums in the Miami area as real estate explodes, new construction is on the rise and new listings are hitting the market every day. If you're planning on buying a condo in Miami understand that you have over 4000 properties to choose from. As of the publishing of this post there are currently 4342 condos throughout the Miami area for sale.
The price range for condo start at about $100,000 up to $41 million depending on size, condition, location and exterior amenities such as a view or condo building amenities.
The median list price for a condo in Miami is currently $350,000, up 16% over last year. 2% of the condos on the market are distressed meaning bank owned or foreclosures. The median days on the market is currently 95, up 9% over last year.
Since July of last year the median list price has gone from $315,000, dropping in January to $275,000 in back up in April to nearly $350,000. It is currently just over the $350,000 mark.
In August there were 2248 new listings, 2633 sold or expired listings and 1362 price reductions. Distressed properties remain the same as a percentage of the total market in September. The median list price in Miami dropped from August to September and there were 219 price increases in August.
For a good snapshot over the last five years, the median list price for Miami in January 2010 was under the $200,000 mark. Other than a slight decrease at the beginning of this year, the Miami market is soaring rapidly. Real estate agents always say it's a good time to buy but the way the Miami real estate market is going, it's only going to increase. Home sellers might be able to get more out of their property by next year but for home buyers, now is their chance.
As an experienced Miami condo real estate agent is my duty to help you through all the nuances of purchasing a condominium in an association throughout the Miami and Miami Beach area. For more information or to value your Miami condo please contact me at any time.
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