Great news for real estate investing businesses, exisiting condo sales have soared 58% in Miami, according to the National Association of Realtors.
It isn’t just condo sales that are rocketing here either. Existing single family home sales have also jumped by 46% in September of this year according to MAR, the Miami Association of Realtors. This clearly puts Miami at the heart of the US real estate rebound and suggests jobs and a larger economic recovery are on the way. In contrast to some of the negative press out there which continues to paint a gloomy picture of the real estate market, these sales are on track to set a new record which actually surpasses the height of the boom in 2005.
This rapid decrease in inventory, which has been largely fueled by international buyers and real estate investing has seen the number of available listings drop 38 percent since last year and 65 percent since August of 2008. So talking to any real estate investing pros who know Miami you are sure to hear that there is actually a big shortage of inventory in the area.
This reduction in inventory is also fueling higher prices which is sure to deliver great returns for real estate investing professionals flipping houses. In fact the average sales price in Miami Dade increased by an amazing 29.8$ between September 2010 and September of this year. That is almost $100,000 jump or rise in equity for those who have bought and held real estate investing deals during this period.
This doesn’t mean that everyone should rush to cash in on real estate investing opportunities in Miami or Florida. There are still great deals to be had but certainly there are likely many other markets around the US which are poised to being seeing these types of numbers and may yield even bigger returns.