Sales prices have increased 17% over the past 12 months. That number represents closed sales of single family homes, sold in Miami since the early part of 2011.
Condo sales prices have also increased over the past 12 months … by nearly 42% .
That is good news for sellers.
But it’s not ncessaryly bad news for buyers.
There seems to be the beginning of buying frenzy stirring, with buyers becoming more anxious. Although prices are inching higher, there’s still plenty of room for equity growth and appreciation … and that isn’t going to end in the immediate future. Prices are higher than what they were 12 months ago, but they are still well below what they were at the height of the market.
Of the 20 potential homes I pulled for one of my buyer’s last week, 6 of them are already under contract. Homes are selling considerably faster now than they were a few months back. The well-priced ones are receiving multiple offers and there are buyers are finding themselves in bidding wars.