It’s an upward trend for the condominium real estate in Miami making it a good seller’s market. Life in Miami is a mix of diversity among its residents choosing to live here. According to the recent market movements mid-priced properties are popular and continue to entice the return of local residents, new comers from other U.S. states and international citizens.
As the economy improved, Miami’s real estate experienced price increases compared to the same time last year. Market values of existing condominiums felt the higher price trend and sellers saw more transactions closing at listed prices. The advantage of Miami’s way of life proves to be worth the investment with future expectations of the upsurges continuing to the end of the year.
Selling Condo Market
Miami’s cosmopolitan lifestyle helped raise real estate sales price to $260,000 during the second quarter of 2016. The residential market trends generated an eight percent increase compared to the same time during 2015. Market values and sales price also increased the cost of square footage with a five percent rise during the same time period.
A surge in two bedroom condo prices increased over eight percent during the months of May and June of this year. And three bedrooms did even better during the second quarter showing an eleven percent increase in sale prices. One bedroom condo sales price dropped less than one percent, yet the current market values show these properties as good rental investments.
Renting Condo Demands
Miami’s real estate is following the trend of coastal areas with improved economies signaling an increase in rents this year. The recent median rent for two and three bedroom condos in Miami was $2,200, depending on the location. This trend appears to be consistent going into the third quarter with random increases expected to the current median rental prices.
One bedroom condos have been creating their own trends and in a recent market analysis reported the median rent price of $1,300 and in some areas reaching over $1,800 a month. Affecting the price differences, of course is location, amenities and lifestyles.