Real estate market, a good business in Miami
For those who have not bought a home, this is not good news. The average price of a single-family house increased 20,000, reaching 330,000. These increases have been maintained for 74 consecutive months. At national and state level, house sales have decreased. However, in Miami the sale of condominiums has increased to 5.9% compared to January of last year. The fact that 9.9% of sales in January 2018 were foreclosed properties is stimulating news. On the other hand, in this area of the country cash is the king in the real estate market. The double of the national figure of the transactions is made in cash. These figures are the demonstration that the southern part of Florida attracts many international buyers.
In January of this year the sales of condominiums, single-family homes and luxury properties valued at $ 1 million in Miami increased.
According to a report by the Miami Association of Realtors indicates that the real estate market enjoys a good time. In Miami-Dade, sales of residential properties increased by 5.1% in one year, from 1, 731 to 1,820, representing almost 800 million in sales last month alone, 89 million more than in January 2017.
The information offered by the Miami Association of Realtors, a company that brings together sellers of real estate in the territory, was taken from the computerized system that groups the list of properties in sales, the Multiple Listing Service.
The secret that hides the information offered is that the properties in Miami are sold for an amount very close to the price that the owners put on the market, which offers the client a variety of options to choose from.
The last year, 61 days passed since a single-family house was put up for sale to which it received a contract. Now, on average, only 47 days pass. To be able to close the deal, only 98 days are needed, a considerable decrease compared to the 2017 numbers, which took 113 days to complete the contract.
However, selling an apartment has always taken more time 123 days to be exact. Currently the client receives the contract in 75 days.
The inventory of house for sale conditions, in part, the prices and speed of sales. This inventory has decreased for 5 months, which is a confirmation of the favorable state of the market to those who sell their property. Despite this, a balanced market between buyers and sellers is one that has an inventory of properties between six and nine months. Of the 9, 307 buildings or condominium complexes in Miami-Dade and Broward, only 12 are approved to receive loans from the Federal Housing Administration (FHA), which shows that the main obstacle to condo sales is financing management.
It is obviously influenced by the increase in the market in Miami that residents of many northern states find in South Florida a place to keep their tax savings low. People come from other territories, where the state tax is high, and Florida in that aspect represents a saving, since it does not count with a state tax. The tax reform accepted in December 2017, establishes that the limit for deductions for sales, dividends and property taxes is $ 10,000.
