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IMPORTANT - HOUSING PRICES IN MIAMI


GCR Florida Service is a Florida home construction and remodeling company that understands the behavior of the real estate market very well by being in contact with countless clients who remodel and build homes, either to live in or to sell. That is why we want to share some texts extracted on the subject from some experts that might interest you.

CURRENT HOME PRICES IN MIAMI

Miami-Dade reported a median sales price of $555,000 for single-family homes last month, up from $545,000 in January and $536,000 in February 2022. Broward saw even larger price increases with the median for homes reaching $560,000 in February, advancing from $540,000 in January and $519,000 in February 2022. That price resistance shows just how powerful the South Florida housing market remains, compared to the rest of the country. According to the National Association of Realtors report, median home sales prices fell to $367,500 in February, the first decline after 131 consecutive months of price increases.

ECONOMY

As the economy grows, mortgage rates remain high. What buyers and sellers need to know.

Apartment prices in regional real estate markets fell last month. In Broward, condo prices barely increased from January to February, averaging $272,000, though that's a significant increase from $240,000 a year ago. In Miami-Dade, condo prices actually fell to $390,000 in February from an average of $400,000 in January, but are up from $380,000 last year. Although the supply of homes for sale remains tight, sales in South Florida fell sharply in February from a year earlier, but increased from January to February. Strong demand for homes in South Florida boosted the housing market last month, said Reid Heidenry, a broker at ONE Sotheby's International Realty. "People come in the winter," he said. "This time of year is difficult for us."

IMPACT OF NEW BUSINESSES IN MIAMI

Why is the South Florida real estate market falling behind while others are falling back?

According to experts, Miami has become a magnet for business during the pandemic. In many cases, newcomers bring their employees with them. "We're growing fast," Heidenry said. "Now we have more full-time employees in the Miami area." Gone, however, are the long lines of potential buyers waiting outside open houses or people making offers without seeing them. As a result, total home and condo sales activity in Miami-Dade decreased 40 percent with 2,807 completed transactions compared to the prior year, and in Broward decreased 32 percent with 2,687 completed transactions. Nearly half of South Florida home purchases were made with cash in February, well above the national average of 29%.

HOME PURCHASE RESTRICTIONS

Although South Florida's booming real estate market has made the area a national star, many here are still overwhelmed by high prices and can't afford a home. Kendall resident and licensed home inspector Robert Kuiper began looking for a new apartment in July 2022. To his dismay, he has seen countless homes that he believes are poorly maintained. He said many consumers were under so much pressure to find a home that they didn't do their due diligence to make sure the home met today's standards. "Since July, I've seen 15 or 20 apartments in Kendall and Hammocks," he said. “Every single property I saw—apartments, condos, or townhomes—had been converted without permits. People don't know about these jobs and that's a disaster. “Real estate agents are required by law to disclose any problems with the property to any client.


OUR HELP

At GCR Florida Service we can remodel or build your home from scratch, adjusting to your needs and aspirations. If you want to put a house in optimal conditions to increase its sale value or you want to remodel for your comfort, contact us at +1 (786) 273-2524 and we will be at your disposal.


Some of our bathroom remodeling jobs.


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