First Quarter of the Miami Real Estate Market

Miami is one of the most thriving real estate markets in the country, and waves of domestic and international investors are flooding the market looking to get a profit on their dollar, but also experience the culture of this popular location.

The first quarter of 2015 has been looking strong as there has been growth in almost every sector of the Miami real estate market. Median sales prices rose almost 20%, inventory being listed was up over 20%, and sales increased over 10%. Prices seem like they are going to continue to increase as the inventory of re-sales is decreasing was is the cheaper, non-luxury inventory.

The rise in sales was caused by low inventory compounded with high demand. The more luxurious inventory, which Miami is gaining more of from all of the new development, experienced a spurt as well. The median sales prices are getting increasingly more expensive as the new development units are being priced very high with such high demand.

There are worries that the Miami market is being overtaken by the large number of new condominiums being built and that it is going to change the dynamic of the market. Even with all of the new development being built, the developers are making sure that there is enough demand and profit to be made before starting these projects.