Miamism Blog

You are here

Has Miami Real Estate Hit Bottom?

Ines Hegedus-Garcia
ines@miamism.com

The question of the day!! Has Miami Real Estate Hit Bottom??

Miami Real Estate hits bottom

Most of you that know us know that we are not the type to follow NAR's latest REALTOR bandwagon with "Now is the time to buy" campaign - we just don't see how a National Campaign of that magnitude can generalize about every real estate market since each one is so local in nature.

With that said, there are tell-tale signs that you, as a buyer, should be aware of:

  • Investors buying
  • Renters buying
  • Sales Increasing

We have seen the numbers of Investor movement increasing at a drastic pace. Although we are also hearing the known phrase "Buy when no one else is buying"..... others are also catching on. These investors are not only local, but they come from other parts of the US, from Canada, Europe and South America.

We are also seeing those people that chose to rent 8 months to a year ago (because they wanted to wait for the market to stabilize), making their move now, or at least are beginning to consider to buy.

Miami Real Estate Sales have also increased and numbers don't lie. Here are some examples taking into consideration sales in the first 4 months of the year (from January 1st to April 30th) and the second third (which is not done yet) from May 1st to Today - August 16, 2008. You can see how sales are slowly creeping up.

  • Miami Beach Real Estate - single-family homes
      • First 1/3 of the year - 28 closed sales
      • Second third of the year - 40 closed sales.
  • Miami Shores Real Estate - single-family homes
      • First 1/3 of the year - 26 closed sales
      • Second third of the year - 35 closed sales
  • Miami Real Estate - single-family homes
      • First 1/3 of the year - 907 closed sales
      • Second third of the year - 950 closed sales
  • El Portal Real Estate - single-family homes
      • First 1/3 of the year - 1 closed sale
      • Second third of the year - 4 closed sales
  • Aventura Real Estate - condos
      • First 1/3 of the year - 208 closed sales
      • Second third of the year - 266 closed sales
    Please don't misconstrue this to mean that we are telling you to rush out right now and buy a property. The truth is that prices may keep dropping a bit in certain neighborhoods, but if you are looking for a long term Miami real estate investment, the signs of a stabilizing market are starting to show.

Recent Posts

  • Apr 23, 2019

Be a good human and understand that helping others through social media can and will lead to future business BY JAY THOMPSON I March 20, 2019 (LINK TO ARTICLE) When I originally sat down to pen this column, my intention was... more

How is The Belle Meade Real Estate Market Doing? There are currently 24 single-family homes for sale (compared to 30 last month) Highest priced listing is $8,450,000 $7,950,000 for the modern, open bay, new construction at ... more

We have told you how Miami is the 6th Most Important Global City according to Knight Frank's Global Wealth report.  We have also told you why you need to invest in Miami right now.  We have even explained the reason behind... more

  • Apr 18, 2019

They say there are no real estate emergencies, but we have learned that if they do exist, they always happen at a walk-through. To think that a deal can fall through because of trivial mistakes, after months of hard work... more

Our Twitter

What is the Value of my Home?

Obtain a free personalized home pricing report.