Why Miami’s Real Estate Scene Is Still Booming

Why Miami’s Real Estate Scene Is Still Booming

The Magic City real estate scene remains as hot as the weather and the people it thrives on, proving this is still the place to be.

We’ve all seen the headlines: the Zika virus, looming hurricanes, falling real estate sales, declining prices. There’s no question that there’s been a lot of dark news threatening the Greater Miami real estate market lately. But what about the good news?

Consider this: In September, the Miami Association of Realtors (MAR) reported that the Miami single-family home market enjoyed its best August in history, with both transaction volume and median prices posting double-digit gains. It also reported that distressed sales declined 39.9 percent year over year from August 2015 to August 2016.

“This helps to bolster real values,” says Ron Shuffield, president of EWM Realty International. “You’re not dealing with lenders who are marking prices down to move inventory out of their REO portfolios.” In September, Florida Realtors reported that the state’s housing market had more closed sales, higher median prices, more new listings, and fewer all-cash closed sales in August. According to the Miami Downtown Development Authority, the city’s downtown population has grown by 150 percent since 2000. Income levels are rising, with average household income ($110,000) in downtown Miami nearly double that of national averages.

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