What to expect in 2017 from Miami real estate
Is 2017 a Strong Year for Miami Real Estate?
The David Siddons Group is very pleased to have 4 brand new listings and a lot of potential buyers to take out. It seems that after a year in which several media wrote negatively about the Miami real estate market, 2017 is starting extremely well with a lot of interest in Miami real estate. We were wondering if this is a market wide phenomenon or just a very lucky month for us. As January is normally a slow month, just after the holidays we wanted to provide you with a short market update of December 2016 and January 2017.
The overall market in December 2016 and the start of 2017 is showing what we already described in the 2016 end of year Miami Real Estate report. As the condo market in Miami is seeing a moment of price corrections (this excludes the Coconut Grove market which is still seeing a demand with limited supply), less condo sales have been recorded as well as less significant condo sales in the higher spectrum of the market.
When it comes to homes we do not see a significant change in the market. As the supply is scarcer than is the case with condos, and the demand for quality single family homes around Miami’s best schools is still very much present.
As we can see in our Coconut Grove and Coral Gables snapshots, many homes are still being sold, also in the higher echelon of the market. Also in both neighborhoods months of inventory are well balanced. Many of our clients are confident today they will get great dollar for their property and decide to sell their single family home now.
Many potential buyers might think: “Well, is spring 2017 a good moment to buy” , while potential sellers might think: “Would I get a good return on investment if I sell my property now?”
As mentioned before, whether now is a right time to buy depends on the neighborhood / market you are looking at, the kind of property you are looking at and your long term goals. We describe this in more detail in the below blog.
Whether now is a right moment to sell also depends on the type of property you have, where it is located and when you purchased it. It is also important to know whether you are looking to finance a new property as there might be changes to mortgage interest rates in the near future. We describe the before mentioned in more detail in the blog below
For a quick overview, it is easiest to check our 2016 End of Year Miami Real Estate Report to see which markets we suggest you buy into, in which markets we suggest you hold on to your properties or in which markets you should sell.