Miami homes for sale have gone up in price for the fourth consecutive month in March 2012 as the inventory for homes and condominiums continue to decrease. Furthermore, Miami foreclosures now account for a much smaller percentage of transactions being made within the region today.
The price of condominiums within the Miami-Dade County area have increased by as much as 46 percent from 2011 as they are now found on the property market with a median price of $141,700. Single-family homes, on the other hand, have increased in price by as much as 13 percent for a median price today of $180,000.
After employment rates fell in 2011, it seems that the real estate values are back on the rise once again. And now that today’s inventory supply for homes and condominiums has been observed to drop by as much as 24 percent in March compared to the supply available in the previous year, people can expect the property prices to remain on an upward spike until inventory levels stabilize in the near future.
Miami foreclosures which have been noted to account for at least 49 percent of sales made have also gone down by as much as 52 percent compared to the previous year.
Real estate experts feel that property buyers who were able to act upon the Miami real estate market during 2009 and 2010 are definitely among the most advantageous of all since many of them will now find that their investments are guaranteed to pay off as it could very well be the bottom of the pan for the Miami real estate market as far as the inventory supply is concerned.
Last month, 65 percent of all real estate sales were comprised of cash buyers; however, that number is down 66 percent compared to the number of cash buyers within the region in March 2011. Nevertheless, around 90 percent of all foreign property buyers continue to carry out their purchases in cash.
People can expect the noted trend to carry on in the next couple of months as many believe that the Miami real estate market will continue to attract foreign property buyers as well as investors into the region.