One of my favorite sources of data that continues to deliver every year is EWM’s own real estate market outlook. The first publication of the year was presented first at a special event at the Hilton in Downtown Miami this past Wednesday. As usual, I made sure to be there so I could get a copy of it.
This specific report stands among one of my favorites, thanks in part to the meticulous amount of detail that’s present. I’ve included some of the most notable insights on my summary below.
- Inventory continues to climb, particularly among the luxury sector of homes priced at over $1,000,000. Condos in the area report an increase of 69% between 2015 and 2016 while single family homes report an increase of 19%.
- The market under $1,000,000 continues to stay balanced in the single family sector, with an average of 6.8 months of inventory. Condos, as mentioned on other posts on the site, are most active in the $500,000 and under sector.
- Appropriate pricing will prove to be the biggest factor in 2017’s real estate market. With months of supply on the rise, particularly among luxury markets, setting a realistic price will help generate a faster sale.
- A strong U.S dollar continues to affect the currency exchange. Its impact on foreign currencies has led key foreign buyers known to invest in Miami to wait on the sidelines instead.
- The vast amount of total sales in our market continue to be in the $300,000 and under market, where demand for single family homes and condos is still strong. 48% of all single family sales and 72% of all condo sales on the MLS belong in this category.
The summary above is just a glimpse of all of the information provided on the report. Please click here to read the full report and get the latest outlook on the market.
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