Is Miami’s Real Estate on the Rebound?

Is Miami’s Real Estate on the Rebound?

May 31, 2017 May 31, 2017

The numbers are in for the first quarter of 2017 and the market is excited. After what they’ve been calling a reset year (2016), the numbers are showing signs of positivity. According to a report in the Miami Herald, sales for single family homes this March were up 9.2% over March 2016 and 2.7% over March 2015. Townhouse and condo sales also went up 2.3% year-over-year. The median prices for single-family homes went up 15% over March 2016, while condo median prices grew 7.4%.
 
Talking specifically about luxury condos over $600,000, sales for Q1 2017 went up 20% over the last quarter of 2016. The months of inventory came down to 44 in March from February’s 50. You can take a look here, for our special report on luxury condos. Further, condos in the $250,000 to $300,000 segment did well too, posting a 37.7% increase in sales year-over-year this March.
 
With a strong first quarter behind us, it is but natural to think the market is headed towards stability. However, I feel for stability to really set in, which basically means attracting more buyers, there are a couple of factors that need to be addressed:
 
Inventory Still High. A single month of extraordinary sales can’t rid us of the glut of inventory on the market. Unless this positive trend in sales continues, it will take a good amount of time before we get through this inventory and balance is attained.

Rocky Presidency. With the Trump Presidency going off to a rocky start and taking a strong anti-immigrant stance, most of our international buyers were put off. Once this new presidency settles in and shows more stability, the wealthy and perhaps even our international clientele will come back to shop. (A weaker dollar would help too)

Tax Breaks. One of the biggest expectations from the current presidential administration is tax breaks for the wealthy. Lowering of taxes will help increase market activity and get that inventory moving.

Price Reductions. Now this is something sellers will need to do individually. Irrespective of whether the market is ready to rebound just yet or will take some time, sellers will need to bring down sales prices to a more realistic number. Most got away with overpricing in previous years because of demand being high. However, with our reset year gone by and some activity returning, sellers will have to adjust their pricing to lure in buyers, that is, if they want their property sold in the near future.

So, is Miami’s real estate market really on the rebound? I’d say it’s too early to tell. Only when this positive (sales) streak is retained over the next few months, can we say that the market is truly bouncing back.

Contact Sep Niakan
Founder, Condoblackbook.com & Owner/Broker, HB Roswell Realty
(305) 697-7667
contact@condoblackbook.com
Request Info
By sending you agree to CondoBlackBook's Terms of Use

Your Miami Condo Awaits

Recent Posts

The Insider’s List - Condo BlackBook’s Monthly Curated Digest
Opinions and Advice The Insider’s List - Condo BlackBook’s Monthly Curated Digest
As editors, real estate experts, Miamians, and lovers of so many things, we here at CondoBlackBook.com come across many a great read and post. So great, that we thought it’d be nice to share some of our top picks each month - videos, snippets, news pieces and articles, you name it, all things lifestyle, design, wellness, food, travel, business and just plain interesting stuff in our monthly CondoBlackBook.com Curated List. So here are our picks to round out September -- take a peek, indulge, and get inspired! Spooky Good 27 Sarcophagi Found in Ancient Necropolis Source: Vice | Ph. Ministry of Tourism and Antiquities Just in time for all the archeological aficionados and Halloween lovers out there, Cairo unearthed a true treat. Researchers have found 27 untouched, 2,500-year-old Sarcophagi, raising hopes of many more. Flo Grown - Florida Love Southbound Source: New York Times Florida Attracts More Northerners. Since the beginning of the pandemic, home sales in parts of the...
Miami’s Top Classic Condos Built for Tennis Players
Real Estate News Miami’s Top Classic Condos Built for Tennis Players
Miami's love affair with tennis dates way back to the 1980s when the Miami Open first started being hosted at Crandon Park in Key Biscayne. Celebrated as the largest tennis tournament outside the four Grand Slams, the Open series has given fans the chance to watch the court legends of Andre Agassi, Chris Evert, Steffi Graff, Pete Sampras, Roger Federer, Monica Seles, Novak Djokovic, Rafael Nadal, Andy Murray, Venus Williams, Serena Williams, Vika Azarenka, and many more over the decades to the Magic City. Charmed by our gorgeous beaches, great art, international culture, world-class entertainment options, fabulous food and restaurants, and fantastic year-round weather (especially good for tennis practice in the winters), some of these tennis pros decided to stick around and call Miami home. Our current list of tennis star residents includes Novak Djokovic (Eighty Seven Park), Caroline Wozniacki (Palazzo del Sol), Anna Kournikova (Bay Point Estate), Mary Joe Fernández (Pinecrest) and...
Family Friendly Condos: The Top 3 Buildings in Edgewater, Miami
Real Estate News Family Friendly Condos: The Top 3 Buildings in Edgewater, Miami
The decision to buy a new home is one of the most exciting ones you'll ever make. And when you're moving with a family, you've got the kiddos to consider. At the top of the list when looking for a family friendly home is, what's the neighborhood like? Are there many family friendly activities and parks? And what amenities does the condo building have? Do the condos have a children's room or teen room? Kiddie pools? How about some spaces dedicated for parents? Talking about Edgewater, this residential neighborhood has been climbing popularity charts in recent years, and fast, especially with young families. Edgewater has emerged as one of the most desirable residential destinations in Miami, with new luxury construction and branded condo developers eyeing this bayfront area, which comes dotted with cafés, restaurants, convenience stores, and parks. So, which are the most family friendly condos in Edgewater? Condo BlackBook has created the following point system to rank the most family...
October 2020: ‘Scare Up’ Some Fall Fun with These Miami Events
Lifestyle October 2020: ‘Scare Up’ Some Fall Fun with These Miami Events
It’s that time of year again, when orange skies fill the air and pumpkin spice lattes fill your coffee mug. Fall in Miami is truly beautiful - the weather is cooler, the sunsets are stunning and the pace of our lives starts to wind down a bit. October in Miami is great time to experience the outdoors and get in some nature walks to recharge the senses without breaking much of a sweat - not to mention have some fun! So, for things to do in Miami this month, we’ve got a mixed goodie bag of online and on-ground events to help you have some Halloween fun. (We highly recommend double checking the availability of the on-ground events before heading out.) There’s also a virtual run, online jazz series, boat show, and carnival to keep you in the highest of fall spirits. Look below for the complete list of virtual and on-ground events to spice up your October in the Magic City: Halloween Specials Drive-Through Pumpkin Patch: October 3-31 Miami-Dade County Fair & Expo Center, University...
Our Top 10 Sailing & Boating Clubs - From Coconut Grove to Miami Beach
Lifestyle Our Top 10 Sailing & Boating Clubs - From Coconut Grove to Miami Beach
Nothing embodies the Miami lifestyle better than a day of sailing on the beautiful blue waters of Biscayne Bay, the Atlantic Ocean, or the Intracoastal Waterway. Boating is a way of life in South Florida. For those who want to board a boat and join the fun, here is a list of our 10 favorite sailing and boating clubs in Miami.  1) Biscayne Bay Yacht Club 2540 S Bayshore Dr, Coconut Grove  The Biscayne Bay Yacht Club (BBYC) is Miami’s oldest boat club, dating back to 1887, when it leased the Florida Cape Lighthouse as its headquarters.  The club purchased its current clubhouse in 1932 and has been involved in practically every important sailing race in South Florida to date.  Today, the club continues to be among the most popular sailing clubs in Miami, with regattas throughout the year, sailing lessons, and all kinds of sailing events. The BBYC has also become popular among windsurfers and is now known as the international hub for this popular sport, turning out Olympic-caliber...
These Two New Miami Towers Could Become Edgewater’s Latest Developments
Real Estate News These Two New Miami Towers Could Become Edgewater’s Latest Developments
Edgewater is expanding. Again! With two new residential towers planned - one condo and one multifamily - the Miami waterfront neighborhood is once again proving it’s continuing to be Miami’s most desirable neighborhood. Both projects are currently awaiting a vote from the City of Miami’s Urban Development Review Board. Developers have been attracted to Edgewater for residential projects, given its family-friendly vibe. The Bayfront neighborhood further benefits from close proximity to the shops and restaurants of Midtown, high-end shopping at the Design District, the eclectic art scene of Wynwood, and general vivacity of Downtown. It is also minutes from a Metromover station that takes people through to Downtown and Brickell. New Edgewater Condo Grupo T&C: 36-story, LEED-certified Condo Tower designed by Kobi Karp Sitting just behind Quantum on the Bay and 1800 Club, Lima-based developer Grupo T&C is proposing a 322-unit, 36-story tower at 1825 and 1837 NE Fourth Avenue. The...