Miami Condominium Sales On The Local Market Indicate That The Inventory Is Finally Clearing Out
Miami condominium sales that were standing in a very good position as far as its role in the overall sales made in the Miami-Dade County seemed to have gone down by a small percentage in the past two months. While others may take this to be a bad thing, there are those that take this as an indicator of market wellness since it does show that the excess supply has finally been absorbed and taken off the market.
It is interesting to see that these real estate options which have been responsible for at least 63 percent of the overall market sales in February of 2011 have slowed down in the past months, dropping to 56 percent which many feel is still a healthy figure. Even if you were to draw a comparison to when these Miami condominiums were launched for the first time in 2003, the sales figures which registered at 51 percent of all resale transactions are still not too far off from the figures we are looking at now.
There had been a noticeable amount of rush sales during the latter part of 2010 as well as the early part of 2011 but it seems that those real estate options were mostly set on short sales as well as foreclosure properties.
At the moment, the local real estate market is faced with an inventory of single-family homes and condominiums to last for approximately six months. What people are not exactly sure about right now would be the actual number of foreclosure properties that are still pending on the sidelines. However, the local real estate market is fortunate to be catering to an increasing demand for a wide selection of options which include the Miami condominiums that have been dealing with exceptionally high demand teamed up with their prices that are still considerably affordable.
In case people were wondering about what makes these condominium properties such a hit on the local real estate market as opposed to properties such as the single-family homes that are also being placed for sale at the moment is because of the fact that the Miami region is typically a location where people are looking to purchase second and even third home properties which means that Miami condominiums do tend to fall in quite perfectly with these real estate buyers’ intentions as opposed to the other options on the local real estate market.
With the inventory gradually clearing out, there really is no where to go but up for the local real estate market. But one thing for certain is that the overall population of the Miami region is still on the rise, and the excellence that Miami condominiums have been able to showcase over the past number of years certainly makes them one of the most suitable real estate options on the local real estate market today.