July 15, 2016
The real estate market in Miami and Miami Beach has slowed down significantly over the past year, but it's not crashing. According to Douglas Elliman's second quarter 2016 market report, this is actually a sign of stability.
“This market has never had stability,” CEO of Douglas Elliman Florida stated. “We have gone through tremendous growth over the last few years. It’s just natural that it will start to calm at that point. ... But it’s not leading to an implosion. It’s leading to a market that is more sustainable.”
In the second quarter of this year, Miami Beach home sales declined by 25 percent year-over-year. In Miami, sales were down 12.5 percent. Still, those numbers remained above the historical average. Inventory also grew, along with days on the market.
“We’re shifting to a buyer’s market, and sellers may have to adjust their expectations,” Parker said.
The slowdown in the market 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.
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Source: Miami Herald
