A recent statistic shows that the annual appreciation rate for Florida has increased 9.24% from July 1, 2014 to June 30, 2015. The statistics are derived from the Federal Housing Finance Agency. Appreciation can vary from year to year. The appreciation by state housing price index is up 2.84% over last year for the state of Florida.
The long-term trend of rising home values is continuing. Regardless of whether you are buying or selling, this neutral and balanced market offers great hope for the future of Florida and Miami real estate. Rising home values generally are a sign that the economy is back on track. According to the research done by the Federal Reserve Board, home ownership is one of our country's greatest contributors to personal wealth. Went home values increase, the equity in your home can be a key component to securing financial future.
Growing value of homes may allow homeowners to access cash, eliminate mortgage insurance or refinance. If you're a new home buyer, with the rates still extremely low and home prices on the rise, now may be an excellent time to consider purchasing your first property.
Currently the median list price for Miami's $362,900. There are about 77 properties on the market, up 2% from one month ago and down 45% from last year. This is an enormous drop as properties continue to become more scarce. If new construction does not catch up, we may find ourselves with inflated home prices. 3% of the market is distressed and the median days on the market is about 84.
For the condo market, there are currently 4752 properties on the market with a median list price of $359,000. Days on the market is up 8% at 94.
The average list price for Miami is $443,929 and the median sales price is $246,800, up 7.9% over last year or around $18,000.
Miami's most popular neighborhoods continue to be Coral Way, Wynwood, Edgewater, Upper East Side, Flagami and West Little Havanna. The highest priced home is in the Upper East Side at $896,000.