by Lani Kahn Drody
As 2018 begins I am exceedingly optimistic about the future of the Miami real estate market. We are seeing buyers (lots of buyers) just waiting to pounce on the right opportunity. They are smart and have studied the market carefully. Our favorable tax environment in Florida has been a driving force for domestic buyers from around the nation seeking to purchase here. The new federal tax laws have made our value proposition even greater. And of course, our beautiful warm, sunny weather is the icing on the cake! Our team continues to service buyers relocating from New York, Connecticut, Maryland, Michigan, California, Utah, etc moving here for job opportunities and ideal weather.
2016 and 2017 WERE MARKET CORRECTION YEARS. A bumpy presidential campaign season and election along with a messy hurricane season affected our domestic market. Public discussion about immigration reform and the strong dollar affected our international clientele. The total number of sales in Miami Dade County for single-family homes was down 3% compared to 2016 BUT total dollar volume of was up 3.6% to $6.3 billion (in 2016 the volume was $6 billion).
WE ARE SEEING SOME PROGRESS WITH INTERNATIONAL BUYERS who have long fueled the South Florida market, but the strong dollar and instability in their native countries continue to be a concern. Countries we are following closely and seeing good traffic from are Canada, Brazil, and Colombia. In fact, the Miami Association of Realtors reported recently that Colombian consumers posted the most web searches among foreign countries for Miami homes in December.
WE ARE FINDING BIG DEMAND FOR UPDATED HOMES with great floor plans, overall. And frankly there just isn’t enough inventory to support this demand. There were 6009 single-family homes for sale in January of 2018. That’s down over 4% from the same time a year ago in January of 2017 when there were 6,257 homes for sale. And it’s down 65% from the all time high of 17,070 single family homes for sale in Miami-Dade during the throes of the 2008 financial crisis.
To really put things in perspective, The Real Deal recently reported that median prices in Miami rose 57% from 2012 to 2017. Just look at the strength of median sale prices in some of the higher end markets we serve. WE ARE IN A VERY HEALTHY AND STABLE PLACE:
Here are the bright spots we see and why we think now is a GREAT time to buy:
Need advice? Call us. We are here to be your sounding board and trusted advisor. And we are great at selling your home!
1537 San Remo Avenue
Coral Gables FL 33146
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