The Miami market is expected to have an excellent forecast for 2019. The market not only went up by 10% but is expected to grow. Neighborhoods such as Brickell are predicted to have significantly decreased values and a rise in inventory, making it a more appealing option for people who are looking to move out of cities where values have increased.
Currently, the market is warm and leaning towards a buyers’ market.
The median home value in Brickell is $386,500. While Brickell home values have declined -0.2% over the past year, Zillow’s prediction is that they will rise 7.2% within the next year.
While according to Zillow, the median price of homes in the Miami area is $521,900.
“Miami condo pending sales are up 13.6 percent, which indicates another strong month of sales on the horizon.”
In terms of median rent price, the price in Brickell is $2,548, which is higher than the Miami median price of $2,450. Miami’s condo sales jumped 24.0% and condo dollar volume rose by 40.8% year-by-year. The sudden increase in Miami condo sales can be attributed to sales that were paid for in cash and ultimately had lower price ranges.
Other factors include the economic rebuild after Hurricane Irma which gave way to a stronger economy, rising wages, and Florida’s no tax status.
George Jalil, a Miami broker said, “Miami condo pending sales are up 13.6 percent, which indicates another strong month of sales on the horizon.”
In April 2018, Miami home sales went up by 12.9%, while single-family home transactions jumped 2.1%, as reported by the Miami Association of Realtors. Additionally, reports show that more condos were available in April.