What is the Miami real estate market forecast for 2017? Here are the latest statistics and trends as presented by a panel of experts: Ron Shuffield, president and CEO of EWM Realtors along with Dr. J. Antonio Villamil, economist, and Alice N. Bravo, Director of Transportation and Public Works for Miami Dade County.
There are two major markets with two major outlooks in 2017:
Miami Real Estate Market Forecast 2017 – The “Affordable” Market
The affordable market, properties priced under $300,000 in Miami, remains vibrant and strong with only 2 months of supply (meaning that if nothing else were to come on the market for sale in this price range, and houses continue selling at their current rate, it would only take 2 months to sell all of the inventory on the market). This would explain why buyers in this price point often face multiple offer situations and steep competition.
Miami Real Estate Market Forecast 2017 – The Luxury Market:
Over 1M properties are faced with a very different situation. With 25 months of inventory in the over 1M single family market and 54 months of inventory in the over 1M condo market, there is a definite saturation. In other words, it is a buyer’s market. Sellers in this price point will have to price aggressively to stand out from the competition.
If you are asking yourself: “What about everything in between?” The answer is broken up into single family versus condo. The 300-999k SINGLE FAMILY market is stable with 6 months of inventory and the CONDO market in this price point is carrying 28 months of inventory.
2017 is projected to be the year of the domestic buyer in Miami with foreign investment in the decline due to weakness in relevant foreign currencies PLUS awareness of some saturation in the luxury condo market.
Having said that, I remember when the Miami market was in the midst of the recession and industry experts (our dear Ron Shuffield aside, of course) claimed the market would take 25 years to recover. It took 7.
What I advise my clients to consider most is the longevity of the investment. If you think you will sell in a year or two, don’t buy luxury right now. If you will hold on to the property for 5 years or more, shop to your heart’s content. Miami, though volatile, always rides out its down cycles due to its internationally accessible location, year round beach weather, cheap pricing relative to other major international cities, arts scene, low taxes, status as an emerging tech hub and the melting pot of creative energy that inhabits it.
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I hope you found this article informative and helpful. If you need an experienced and tech savvy agent who knows the Miami market inside and out, you can reach me at paula@greatmiami homes.com or 786.663.4382.
Paula Barrera Scheer
A modern agent for a modern client.