Where are home prices going right now?
By Ryan JeffreysMonday 4/24/2017
This is a question I get from people daily. Here in South Florida the answer is very different than other areas of the country. My follow up question is; what kind of home are you inquiring about? A condo, a single family house, and what price range and area? While I'm able to get you a great deal on a condominium that is priced over $500,000, the case is very different for a house in the same market. So its very frustrating to hear real estate professional paint the "real-estate market" with a broad stroke.
So lets take a look at where we are in different segments of the market.
Luxury condo's, those priced over $800,000 all the way up to multi million dollar units. In this segment of the market it is a buyers market with inventory levels growing and prices being cut. There are many reasons for this such as over building and increase supply but I will say the main reason is due to a strong US dollar that has sidelined South American buyers.
Condominiums under $500,000 are still moving and prices are still growing in this market. Under $300,000 the market is on fire with many being sold for more than asking price.
Single Family Homes:
This segment of the market remains extremely strong. I recently sold a 4 bedroom 2 bath single family home in Miami Gardens and had over 8 offers in the first day of showing. I accepted an offer $10,000 over asking price.
The most recent boom of construction has focused very little on single family homes, especially in Miami Dade & Broward counties East of 95. Therefore supply is tight and prices remain very strong. This market remains a sellers market with prices still increasing and inventory levels low.
For more info on specific segments of the market or a free copy of the Miami Report please contact me directly at email: firstname.lastname@example.org