Predicting the bottom of a real estate cycle can be tricky, but Canadian investors who bought into the Miami condominium market last year may have done just that. And the rewards have been huge.
The median sales condo price has increased by 46% in March compared to a year earlier, according to the Miami Association of Realtors. The median condo price was $141,700. Single family homes increased 13% to $180,000.
Miami has been a haven for international buyers recently, most of whom pay all cash to swoop of up properties in the Florida city. About 65% of property sales in the last quarter were all cash buyers in Miami, compared to 32% nationally.
“This recovery is particularly encouraging for the Miami real estate market because it happened sooner than predicted,” said a press release out Thursday from Luis Iglesias Realty. “This trend is likely to continue, as more and more buyers and investors show continued interest in Miami properties.”
Statewide numbers for March were also impressive, although favoring single family homes more than in Miami. In March, the average sales price in Florida increased 21% to $105,000 for condos and 10.3% to $139,000 for single family homes, according to the Florida Realtors Industry Data and Analysis Department.
“The fact that Miami home prices have significantly increased for four consecutive months indicates prices have bottomed and have caught up with sales levels,” said Martha Pomares, chairwoman of the board of Miami Association of Realtors.
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