South Florida Home Prices Up Double Digits
“Sales volume is as hot as the boom time of 2005, although the median prices are still far lower. More single-family homes were sold in July in Miami-Dade County than at any time since the peak of the boom. Prices, while improving, are still lagging 35 percent behind.
What’s driving the market? Supply — there isn’t much — and demand — a lot of buyers are racing against rising mortgage interest rates.
The median price of a single-family home in Miami-Dade soared 25.7 percent in July to $230,000 from $183,000 a year earlier, the Miami Association of Realtors said. Single-family home sales in Miami-Dade jumped 27.3 percent in July to 1,227 closings from 964 a year earlier. That marked the highest sales volume since 2005, when the median price was $351,200.
Miami-Dade, ground zero during the housing meltdown, has chalked up 20 consecutive months of price increases in both single-family homes and condominiums.”
It’s worth noting that Brickell has been identified as the fastest-growing community in the region, as evidenced by its swelling resident population, high concentration of new condos, and growing number of businesses. Indeed, condo units – for which Brickell is best known – were especially bullish:
“Miami-Dade condo sales rose 13.4 percent in July to 1,538 closings from 1,356 a year earlier, as listings rose 13.5 percent to 8,458 units from 7,451 units a year earlier. Miami-Dade had a six-month supply of condos for sale in July, up from 5.6 months a year earlier and a 5.8-month supply in June.”
Brickell is booming and opportunity abounds. With its central location, peerless accessibility, and remarkable fine living accommodations, the market for Brickell Condos has never been more promising – or competitive. To navigate through this real estate market and find the best properties imaginable, trust the firm dedicated to being the one-stop shop for everything Brickell. Call Brickell.com at 305-379-0203.