Not Too Many Residential Options Are Left On The Market For Property Buyers Within Miami
But as much as the Miami real estate market has been able to provide property buyers with such a large inventory of options to choose from, people have started to become more concerned about the fact that the supply is now dwindling down in number due to the fact that the demand has been exceptionally high over the last couple of months which leaves the market with only five months worth of inventory supply left on the market.
As a result of the diminishing supply, we have seen property prices going up by such significant amounts within the first quarter of 2012. According to recent figures, the average sales price for single-family homes within Miami has increased by as much as 14 percent to $174,799 while condominiums are going for sale at an average sales price of $129,500.
Sales of existing single-family homes have increased by as much as 4.1 percent when compared to sales from the previous year. Condominium sales, on the other hand, seem to have decreased by as much as 4 percent compared to the previous year.
Anyone that has ever dabbled in the world of real estate will know that such amazing appreciation is definitely something that indicates positive growth within the market. Needless to say, people that will be getting the most from such market improvements will be the ones who have already managed to purchase Miami real estate properties during times when property prices were much more affordable than they are today.
The fact that Miami can only offer property buyers so many residential options means that people who were hoping to have more choices will not necessarily be able to find that on today’s market. Nevertheless, people can be sure of the fact that appreciation will definitely be more than enough compensation for the limited choices that can be found within the region so if you wish to look into your available options, you should get in touch with a professional agent that can provide you with everything you need to know about the market.
Yaz Morgan
Miami Real Estate
