The Miami luxury Housing market has definitely shifted to a seller’s market, with Miami beach home inventory at a 13 year low. Luxury Miami Beach Homes for sale with Low Inventory helps sellers to sell faster! The National Association of Realtors (NAR) reports the January pending Miami Beach and National Home Sales Index as being at 105.9% which is the highest rate for contracts (not closings) in years, meaning that waterfront Miami Beach homes that are available for sale are being sold quickly.
According to NAR Chief Economist Lawrence Yun, Miami Beach home pricing will likely be on the upswing as less luxury and waterfront homes are on the market. “Over the near term, rising contract activity means higher Miami Beach home sales, but total sales for the year are expected to rise less than in 2012,” he said. “While Miami beach home prices are projected to rise more strongly because of inventory shortages,” Yun concluded.
Throughout the United States pending sales have increased, with the largest gains seen in the Northeast and Midwest. Luxury properties in the Southeast cities like Miami Beach and in island communities like Star Island, Sunset Island, Palm Island and many more Miami beach communities, have seen great increases in sales due to foreign buyers and investors. Moderate increases in pending sales occurred in the South and the West has stayed pretty much the same in the last month.
Over five million homes are expected to be sold in 2013. Will your Miami Beach home be one of them? To find our more about how to start the process of selling your home, please contact us, your local Miami Beach experts in real estate.