Miami’s 1st Quarter Real Estate Market Shows Real Recovery

by Isaac Benmergui, Esq on April 25, 2013

Pen with GraphThe numbers for Miami’s real estate activity in the first quarter are in and they show a real recovery for the South Florida city. A comprehensive analysis of activity in Miami-Dade and Broward counties shows sales are up along with prices, rising an a average of 13.7 percent from January through March. Although any rise in inventory continues to be absorbed quickly, there has been a steady 18 percent decrease in the number of available properties for sale compared with the same period last year.

Miami-Dade’s luxury sector has seen sales of properties in the $1-$5 million range, for an average 30 percent increase overall. The average per square foot price for condos is now around $721. Condos in Brickell and Aventura continue to sell well, with Aventura having the most condo units closed for a 72.7 percent increase in sales over last year.

Higher priced sales in cash continue to be driven by international buyers, but working wealthy have also returned to making investments in luxury real estate.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

 

 

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