Beautiful weather and diverse culture make Miami Beach, Florida a hot spot for real estate. The region has experienced record sales these past two years, and is expected to encounter more success in coming months.
The median list price for single-family residences in Miami Beach was $500,000 last year. On average, homes were sold for $370,000 within six weeks of being placed on the market. Such rapidity in sales is a reduction in trading time in comparison with the previous year when homes remained on the market for an average of 44 days. Miami Beach homes for sale is a robust market.
While all areas of Miami Beach were searched out by buyers last year, some communities received more attention than others. In particular, the Oceanfront and North Shores neighborhoods saw an increase in listing prices. The average Oceanfront home was priced at $1.2 million, while the median listing of North Shores homes for sale was $770,000.
West Avenue and Flamingo/ Lummus also had higher listings, with the average home in the Flamingo neighborhood selling for $465,000, and property in the West Avenue region closing at $608,000. South Pointe was a popular area as well, with the average listing price for real property being set at $2.7 million.
Why the Popularity?
In addition to its technological revolution and exciting social scene, Miami Beach is the go-to spot for vacationers throughout the country. Thousands from all over the nation flock to the region every year to relax on its sunny coast and experience the breeze that comes from the Atlantic Ocean. Such tourism prompts buyers searching for vacation property look towards Miami Beach when searching for a home to add to their portfolios.
Sales in real estate are also driven by international buyers who often pay cash for property. Their cultural traditions add yet another element to the Miami Beach region that make it desirable.
These factors fuel the Miami Beach commercial real estate market and draws shoppers in daily due to it’s competitive field.
In the Future
Property values are expected to rise in the most popular areas of Miami Beach in coming years. South Pointe and the Oceanfront are proposed to have the most potential based off current inquiries and sales. Inventory of homes and condominiums in the region is also expected to increase as development continues along the coast.