The Miami Real Estate Market Situation For The First Half Of 2012: Two Sides Of The Coin
People are easily drawn to the Miami real estate market because of the fact that it has a rich selection of different types of properties which are suitable for people from all over the world. It seems that the region possesses such a distinctive array of qualities which span from being a world-class tourist destination located along the Atlantic coast of South Florida to being an international center for business, commerce, finance, culture, media, arts, entertainment, and trade.
While it is easy to see how dynamic and diverse the region is, it always helps to keep informed about the Miami real estate market situation. Keep reading to learn more about the current situation within the region as of the first half of 2012.
Two Sides of The Coin
It seems that the Miami real estate market is much like a coin that has two sides. One side shows the impressive developments which have been made possible by the many cash-based transactions that have basically helped to boost property prices across the region. The other side shows a gloomier face of the market which remains troubled as the foreclosure rate is still high.
The Up Side
Single-family homes and condominiums within Miami have garnered a pending sales increase of 22 percent in June 2012 compared with June 2011. But pending sales are not the only figures that have increased as the sales price for single-family homes and condominiums have also increased for the seventh straight month which indicates steady growth for the Miami real estate market.
In June 2012, the median sales price for Miami condominiums increased by as much as 34 percent to $160,000 while the median sales price for Miami homes increased by as much as 5 percent to $194,250 compared to June 2011. Of course, it is important to note that median sales price values are different from the actual prices which can be higher or lower than the values mentioned above.
As far as the number of cash-based transactions within the region, 65 percent of all closed sales in June 2012 were paid for in cash. 46 percent of all single-family home closings and 77 percent of Miami condominium closings were settled in cash.
The Down Side
While there are a lot of people making purchases within the region, it seems that the foreclosure problem remains heavy as Miami is still takes the lead within Florida as far as foreclosures are concerned. As many as 3,260 properties received a foreclosure filing within Miami.
The situation may not be as ideal as most people would hope, but there has definitely been some improvement as proven by the fact that June 2012 saw the lowest monthly total of foreclosure filings for the year.
If you would like to learn more about the current situation on the Miami real estate market, you should take the time to contact a professional agent for more information.