This is the best time to sell your home. The Miami real estate market is showing healthy sign of growth this year in terms of sales and prices. This is in contrast with the past two years where the number of properties sold increased but their value price decreased (see South Beach Report). According to the MLS, properties are selling rapidly this year and the sellers can now sell their property near the asking price.
The number of properties sold in 2018 was 1,820 and last year, 1,731 homes were sold during the same period of time. For example, there were 5 recorded sales in The Yacht Club at Portofino back in January to March 2017 but the number increased to 7 condos this year for the same period of time. Surprisingly, the Apogee condo which saw only 1 sale last year has recorded 4 closed sales this year as of the end of March 2018. In fact, this trend is only exclusive to Florida condos as national sales level for homes had decreased.
The condo inventory in Miami is still high but there are signs that the condo inventory growth will come to a slowdown. According to the National Association of Realtors, Florida will see a median price change of 5 – 12%. The current statistics are showing that condos in Miami are selling for an average of $230,000. This will definitely boost the sales of condos in Miami.