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The Golden Market- Miami- South Florida- Market Report
2011 was a great year for real estate in South Florida- especially in Miami. So if you have been sitting on the fence waiting to buy that perfect Miami oceanfront condo you may just have sat a wee bit too long:).
2011 far exceeded all expectations of the turnaround in the market in Miami. This was fueled in large part by our amazing international and foreign buyers who are flocking to Miami and South Florida including to Wellington Florida to buy property while their money is strong and the American dollar is weak. Brazilians are the number one buyers in South Florida right now.
South Florida is the TOP market in the nation for foreign home buyers.
The numbers are in for 2011 and Miami and South Florida outperformed the rest of the nation! Miami is recovering faster and stronger than ANY OTHER market in the ENTIRE USA!!! We are so excited about this because this is going to be great for the Miami and South Florida economies.
The absorption rate is down too so don’t count on finding those properties lurking around time on the market because the good investments, the prime real estate in Miami is going, going, gone- fast.
While much of the nation remains stagnant Miami home sales in 2011 were +26% and so far this year in 2012 just in year to date home sales are up +50%.
2011 units sold are still being totally tallied but it is projected by the numbers so far that Miami sales in 2011 are going to exceed the number of units sold at the height of the market in Miami in 2005.
Lifestyle remains the number one attraction to Miami and South Florida with great weather, diversity in culture and record affordability along with great rental returns.
There is now a limited supply of homes and condos on the market having been absorbed at record pace. There is now a limited supply and a large demand.
The inventory in Miami and South Florida has dropped by 40%. We can attest to that because our inventory has dropped also by 40% since 2008 and so has all the top brokers we talk to in our markets here in South Florida.
In 2011 in Miami, the price of condos increased four months in a row at the end of the year and this trend is going to continue to move upward now.
Distressed properties- bank-owned properties also known as Miami REOs- are in high demand. They sell seven times faster when they come on the market. There are so few bank-owned properties available now. HUD homes are sold before they are even advertised. As soon as they are in the MLS, they are gone.
The bank-owned Miami properties are now down to 56% of closed sales. That is down from 73% for condos at the beginning of 2011. That is a super fast take-down!
Miami and South Florida are global real estate markets and news of our inventory and great lifestyle are now visible around the globe to France, Spain, the United Kingdom, Italy, Russia, India, China and many other countries in Europe and Asia and of course throughout Latin America.