The experts indicate that real estate prices may well have bottomed-out, at least for single family homes in Miami-Dade. New construction has pretty much stopped and there is very little in the way of buildable land left right now in Miami-Dade anyway. As Ron Shuffield, President of EWM Realtors reports, “Pricing for single family homes has leveled off and the median price right now in Miami-Dade is $177,000 … which is where it has been for almost two years now. ”
Real Estate Supply and Demand:
Right now in Miami-Dade we have 11 months of supply. Two years ago we had 48 months of supply. Miami Realtors Vicki and Alexandra Restivo indicate that “In order for us to be in a balanced market we would need to have 6-9 months worth of inventory”. Although the number of properties listed for sale has dropped dramatically from two years ago, the fact that we still have 11 months of inventory makes this a buyer’s market … If you are able to buy real estate right now… you are in a rather fortunate position. Historically real estate appreciates and appreciates well. And when the market does go up, it goes up much faster than it went down! There are opportunities to buy exceedingly well in Miami. If you are looking to buy, or sell, or lease property in South Florida, and looking for an experienced local Realtor to assist you, please contact Vicki and Alexandra anytime! Cellular numbers for The Restivo Team are 305 793-1365 and 305 632-0164.
To read other real estate blogs by The Restivo Team, we invite you to visit MiamiRealEstateCafe.com
