2014 in Review
As we say farewell to 2014 and usher in the New Year, it’s a great opportunity to gain some perspective on the ever-changing real estate scene. The big picture is that the market for South Florida remains extremely active for both buyers and sellers, with sales holding strong and steady. But there were a few noteworthy changes over the past year:
- 20% INCREASE in the number of homes for sale. A substantial jump from the same time last year.
- 16% INCREASE in prices in Miami Dade County. This equals strong appreciation for most homeowners.
- 27% INCREASE in inventory for the condo market.
- 12% INCREASE in the average price per square foot for condos. This indicates we’re heading toward a more balanced market than in the recent past, even with the inventory increase.
- BELOW 4% on mortgage rates for a 30-year loan.
The current standings present major opportunities for both buyers and sellers: The low mortgage rates create a great environment for qualified buyers to take advantage of the increased inventory. If a new home or condo is on your horizon, you’ll enjoy choice, negotiating power AND low rates—it’s a perfect time to buy.
Meanwhile strong appreciation combined with equity building over the last couple of years produce optimal conditions for homeowners to sell.
This being said, each neighborhood within Miami-Dade County is different and has its own unique situation that can be significantly different from the county at-large. If you’re thinking of moving, this may be a smart time to do it. Contact my office and we’ll take a closer look at how you can take advantage of the current market.
On a personal note, I’d like to thank my family, friends, clients and fellow members of the South Florida business community for your support and for being a source of continuous inspiration and joy. I wish you all a healthy and Happy New Year.
