Miami Market Trends

As the fourth largest urban area in the United States, there is always an abundance of real estate available for individuals and families wanting to move into the Miami area. With over 15,000 current listings, numbers far exceeding any Toronto condo real estate listings, there is much for buyers to choose from, provided they can afford it.

Major metropolitan cities are never cheap to live in, and Miami is no exception. When compared to previous times, however, the cost of real estate is lower than it has been in some time, thanks in large part to the economic recession. The current median selling price is $175,000, the lowest since January of 2004. The number of listings is at around the same number as they were then, though they have risen from their decade low from this time last year. Comparable to Burlington real estate levels, these trends show that it is still a buyers' market out there, but that the market is showing signs of a rebound.

When compared to other major international cities, Miami still ranks well below places such as Tokyo, Dublin, or Stockholm, currently sitting in 75th place on the world's most expensive cities list. Not surprisingly, most American cities have fallen considerably since last year, landing below most of the major Canadian cities' rankings. Thankfully, buyers can take this opportunity to invest in what is relatively cheap real estate at the moment. The median selling price for homes today is just below half the cost of what people were paying then at $314,000 average. Today's average selling cost is comparable to that of many Mississauga Ontario homes, which shows you just how affordable things actually are.

Another clear indicator of how much of a buyers' market Miami is right now is the average selling price versus the median selling price. At present, the average selling price in Miami is $410,080. Though this might seem expensive compared to most Brampton condos, this is again below previous averages. However, the important thing for buyers to look at is median selling price. At almost $240,000 below listing price, the median selling price indicates that there is still much affordable housing for buyers to invest in. Much of this can be attributed to the increase this past year in foreclosures.

Currently, there are 9,907 foreclosures on the Miami real estate market, far more than the Wanless Park real estate scene, which may account for the doubling in sales within the last year. Foreclosed properties tend to move quickly and below market value as owners need to move the property in order to pay off creditors, presenting buyers with a golden opportunity to invest in property that should steadily increase in value.

Though the American real estate market, like the economy, is on uncertain ground, investors shouldn't shy away from taking advantage of opportunities. Real estate is a market of ups and downs, like any other, but has the added benefit of giving you a roof over your head as a return.