As things heat up outside this spring season, so does activity in the real estate market. Despite the spike in demand for existing properties, though, many sellers are finding that to generate interest they must price their homes competitively.
“Home sales have been exceeding new inventory for several weeks now,” says Alistair Powell of The Miami Brits group. “Since this is a still officially a buyer’s market according to the market action index, the listing prices are not rising yet until the excess inventory is consumed.”
According to the latest Fine Homes in Miami Market Report, the median list price of 2,989 condominiums and town homes on the market is $349,900, a decrease from the previous market report. The median list price for single-family homes has remained about the same at $1,372,500.
“Sellers need to be realistic,” says Shelly Northern of ‘The Brits.’ “The market is moving and if they are pricing unrealistically, they’re going to miss the active buyers out there.”
The condo and town home market report shows that 21 percent of Miami Beach listings have posted price cuts, while 26 percent of single-family units in the area saw price reductions in the same time frame.
For more information on Miami Beach properties, visit www.FineHomesInMiami.com or call The Miami Brits at 305.815.0880 or 786.525.1721.