May 20, 2016
This year has proven to be an atypical year in South Florida real estate so far. The luxury market has been hit the hardest, and sales have declined drastically. In certain areas of the market, condo sales are down 20 to 50 percent from the same time last year. The good news is that this uncharacteristic slowdown makes now an ideal time to buy real estate.
In Miami Beach, sales dropped 21.1 percent during the first quarter of 2016, and inventory surged by almost 33 percent. The average sales price also fell by 7.5 percent, compared to the prior year quarter. In the luxury market, prices for the top 10 percent of condominiums fell by 14.5 percent to an average price of 3.13 million dollars. As prices fell, inventory for those properties skyrocketed 58 percent. It was a similar story for luxury real estate farther north, as well.
However, this slump is a buyer's gain, and right now is the best time to buy real estate. Buying conditions like these have not existed for years. Niki Higgins' comprehensive knowledge of the South Florida real estate market, combined with a personal understanding of individual needs, helps guarantee an efficient and successful acquisition.
To take advantage of the current market and purchase real estate in South Florida, contact Niki Higgins at +1-954-817-2500 or +1-888-242-4422.
