Properties in one of the most popular holiday destinations in the US have been performing well in the first part of 2014, according to the latest results published, which have claimed that sales and prices have both started to rocket in the early months of the year. With its sprawling beaches and cultural background, Miami has long been a fantastic place for people for overseas to visit, and the Miami Association of Realtors has reported that this has been reflected in the way the market has performed so far in 2014.
So far this year, sales numbers have been up by as much 11.6 per cent (between January 2013 and January 2014) as more and more people look to invest in an ever-strengthening market. Miami is just one of a number of cities across the country that is now starting to benefit from the fact that the market for property in the US is starting to become more mature and stable, with price increases starting to level off after sharp recovery in recent years.
In the year to January, sales of single family homes were up by some 9.8 per cent, while the number of condominiums sold in the same period was a whole 12.9 per cent higher than it was just a year ago. One factor also now providing real strength in this particular market has been the fact that supply and demand are now starting to balance out quite well, meaning prices are not increasing rapidly as they once did.
"While the Miami real estate market continues to strengthen, rising inventory is fortunately creating a more balanced market between buyers and sellers. Such balance reflects the health of the local market," said Liza Mendez, chairman of the board of the Miami Association of Realtors. In the last year, prices for family homes were up by 16.1 per cent and condominiums by 24.4 per cent, but it is expected that the better levels of supply and demand will mean that this does not see such large rises in the rest of 2014.