Market Update for January 2018 Market Update for January 2018

Market Update for January 2018

Thursday, March 08, 2018

Miami Condo sales jumped about 8% in January 2018 in comparison to the year before. Single family home sales raised about 2%. The current strongest demand remains on mid price range single family homes. We are experiencing a lack of supply which negatively affects the strong demand in the first quarter of 2018 for the general statistics. With the condo sales we are still having a buyers market and in almost every segment several condos, in average about 2-3 for a buyer to choose from, considering this a healthy buyers market condition. Properties are selling close to asking price. The average time on the market for condos and single family homes has dropped in comparison to the year before. Miami remains the No 1 top city for the foreign investors. International buyers see the economic potential. In South Florida International buyers purchased in 2017 $7,1 Billion worth of Real Estate, the year before in 2016 it was $6,2 Billion. Miami is seen as an attractive young and vibrant city located in a sub tropical climate. Miami started to attract more corporate buyers and reports a steady population growth. The Miami CASH buyer reported about 40% which is almost double the national figure of about 20%. Distressed Property has declined significantly. The supply of condos has increased and declined for single family homes. Miami remains a buyers market for condos and a Sellers market for single family homes.

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