It’s not in a crash and burn mode, but Miami’s housing market has cooled off considerably in the past year.
1. It’s A Sign Of Stability
Over the last few years, Miami’s housing market has grown tremendously. At some point, things had to start calming down. That time is now, and finally signals some sustainability.
2. The Numbers Include Both Condos And Single-Family Homes
In the second quarter of 2016, home sales fell 25% in Miami Beach. This area includes:
- Sunny Isles Beach
- Bay Harbor Islands
- Bal Harbor
- Fisher Island
- Key Biscayne
In the same amount of time, greater downtown Miami market and it’s larger suburbs saw home sales fall by 12.5%. Included in this area is:
- Coral Gables
- South Miami
- Palmetto bay
3. It’s Becoming A Buyer’s Market
Active listings have increased, as has days spent on the market. For the first time in a long time, sellers may need to adjust their expectations.