March Home Sales, Miami Real Estate
The property sales during the month of March continue the tendency of the last few months. The buyers are reluctant to buy at such higher prices and most of them want to wait until the property taxes issue is decided.
In March, sales of existing single family homes were down 33% in the Miami Dade County and 25% in Broward, while condo sales were down 45% in Miami-Dade and 32% in Broward. The average price of a single-family house in Miami-Dade for March was $382,600, flat compared to last year. For condos it seems that the market is more active because the prices went up 18 percent compared to last year and 6% to February.
What everyone believes is that if the prices go down, the buyers will return, yet this situation is becoming unsustainable for sellers who are reluctant to drop down the prices. Instead sellers are offering incentives such as paying closing costs or offering to furnish a home.
The market from $400,000 to $1,000,000 is the most affected since there are a lot of Miami homes for sale versus very little demand. Miami real estate business is still waiting for a solution to this dilemma. The people involved with Miami luxury real estate, Miami pre construction developments, Miami condos for sale and Miami homes for sale are eager to find a solution with advantages for both sellers and buyers in order to the market be reactivated.
Experts in the area are telling that when the property taxes issue is decided, it is going to be a change in the Miami Florida real estate market. Most buyers agree with experts because right now they are not going to buy a property and not get the benefit of the new property taxes program.
Contributed by Miami Luxury Villas
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