2015 Florida Housing Market Predictions - Housing Predictor

 

One area of Florida that forecasters expect to cool off as far as home values is the Miami housing market. Miami is second only to Jacksonville in size. In the past year home values increased by 5.1%, but forecasters see this rate leveling off in the next year. Miami boasts some of the most expensive real estate in the Florida housing market. The median home value in Miami is $284,300 and the median rent price is a staggering $2,350. Median list prices come in at $409,000 and sale prices at $324,000. This differential in pricing is an indicator that the South Florida market has become a buyers market. According to RealtyTrac, South Florida flips were down 25% at the beginning of this year. Flippers can no longer make large profits on homes and because of this the market is turning towards the buyer. The percentage of delinquent on mortgage comes in at 12.6% and 20.4% of Miami homeowners are underwater on their mortgage. Miami is a great buy if you can afford it, but don’t look for a large return on your investment anytime soon.

2015 Florida Housing Market Predictions - Housing Predictor

luxury condos

 

Miami’s luxury residential resale market diverged in the first quarter of the year as single-family home sales increased from last year’s first quarter and sales of existing condos dropped.

The Miami Association of Realtors, classifying luxury sales as those above $1 million, reported that the number of luxury single-family home sales increased 2.3 percent in the first quarter, compared to last year’s first quarter, while luxury condo resale's dropped 3.6 percent.

New condo construction cut into sales of existing condos, but resale prices appear buoyant. The Miami Association of Realtors reported that the median condo resale price was $1.7 million in the first quarter, up 13 percent from $1.5 million in the same period last year.

luxury condos | Miami Association of Realtors |