Whoever tells you that the real estate market is like a roller coaster ride, is obviously not referring to Miami! The Miami Association of Realtor and the Multiple Listing Service (MLS) system, had announced the third quarter (Q3) 2018 sales report for Miami’s real-estate. It seems that nothing can stop their winning streak!
For the 27th consecutive quarter, Miami’s houses, condos and single family homes sales surged. Not even Hurricane Irma was able to slowdown the real estate sales growth in Miami.
Total Miami- Dade Country sales rose 15.2%! Not much right? But just by knowing that the total sales volume jumped from 2.5 to 3.1 billion, you understand the dimensions of this news. What can we see on a short view? A clear impact of Irma on the results. But if we look a little bit further, the market only shows how people are being more and more attracted to invest in Miami.
The condo sales for this last trimester, increased in 16.7% compared to last year. And why? Different reasons, but the low mortgage rates have definitely helped.
Having a more affordable way to buy a home, has definitely pushed sales. A good reason why mid-priced (150-400 K) condo sales have increased 27.8% from 2017 to 2018.
As well, the residential supply in Miami has shown an infinite list of available properties that investors can just not resist! Active listing have increased from last year in a 5.7%, and just for condos it rose 4.1%. More than a thousand more condos were offered this year compared to the same period on 2017.
Foreign investments continue to stand out on this report. Almost half of the investment in condos in Miami are done in cash, which is a characteristic of foreign buyers.
The sales pace in Miami has shown that from the past year, the supply has been not enough to cover the demand. A balance market offers 6 to 9 months of supply inventory, but some of the hottest condos in Miami had only offer 1.9 months of supply!
Sales just continue jumping, not much to think if you are planning to invest…