Miami housing market- latest updates

According to a new report by the MIAMI Association of Realtors, the Miami single-family homes market registered its best November in seven years as total single-family home sales jumped 13.1 percent, mid-market home sales rose 45.2 percent and luxury sales skyrocketed 43.4 percent year-over-year.

Sales for mid-market Miami single-family homes, or properties listed from $300,000 to $600,000, increased 45.2 percent in November. Homes sold in the $300K to $600K range represent 37 percent of total Miami single-family home sales.

The top of the single-family homes market also had a strong month. Luxury ($1-million-and-above) homes posted 43.4 percent more transactions than a year ago

Prices for all Miami properties and total sales volume increased as some home buyers and investors moved to finalize purchases in the wake of the Nov. 8 U.S. presidential election.

The political uncertainty led some home buyers to pause and take a wait-and-see approach with real estate. Now that the election is over and there's more certainty about the direction of the country, home buying should increase for a South Florida region that's seeing sustained population and job growth."

Mortgage rates have increased in recent weeks, and that may have encouraged some home buyers who were waiting on the sidelines to make purchases in November. Despite the increase, mortgage rates remain at historic lows, making home buying more affordable.
The average commitment rate for a 30-year, conventional, fixed-rate mortgage is 3.77 percent.

Condominiums comprise a large portion of Miami's cash purchases as 57.4 percent of condo closings were made in cash in November compared to 29.5 percent of single-family home sales.

If you are looking for an exceptional residence at a desirable location with modern day luxuries– rental or residential at the Miami area and wider Florida, we have an outstanding variety of luxury and bargain properties, our staff is on hand to assist finding you a suitable home in this exciting part of Florida. For more information and detailed guidance about properties in Florida, please refer to our website

30 Dec 2016

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