I think that people across the board are interested in real estate. Whether I am here in Miami or skiing in Aspen like I was last week, I tend to field at least a handful of market-related questions from curious individuals every day. Lately we have experienced a marked slowdown, so I have been asked about that a lot. People want to know if there is a crash looming, should they buy now, should they sell now? The list goes on, but you get the idea.
First things first, no, I do not think that we are in another crash-type situation. The market feels like it has shifted, but it has not tipped totally over to a buyers’ market. However, many buyers think that we are absolutely in a situation that favors them, while many sellers have dug their heels in on their prices, and this stalemate is causing deals to simply not happen. On the other hand, sellers who price their homes properly from the onset of their listing period are seeing their homes sell quickly – and occasionally bidding wars have happened.
Take a look at the chart above. This tracks non-waterfront Coral Gables homes listed between $1,000,000-$2,000,000 for the period of January 2015 through March 2016. Currently, the list and sale price per square foot are almost equal, which goes to show that well-priced homes in this price range are selling.
Having been in the real estate business for 25 years (I’ve said it before and I’ll say it again – I started very young!), I love to answer people’s questions about our market. As people have noticed, we have experienced some ups and downs recently, but if you look at the trends over the past year or so, real estate in Miami has fluctuated from month to month. It looks like we are on the upswing right now, so hopefully this positive trend will continue.
If you need help buying or selling a home give Ashley Cusack a call at 305.798.8685, or visit her website at: Luxury Miami Real Estate.
My focused dedication as a realtor in my home town of Miami for over 25 years, consistently puts me at the top of my field. Whether you’re looking to buy or sell your home, let me help you from start to finish with my results-proven: professional marketing, excellent property exposure and comprehensive experience.
As the #7 Realtor company-wide at EWM in 2014, my focus is on Coral Gables, Coconut Grove, Pinecrest and South Miami — specializing in luxury real estate and waterfront properties. Call me today and let’s get started!