What a difference a year makes.
According to The Miami Herald, the median condo price in Miami-Dade County has increased 7 percent from last year. Though sales were down 14 percent, the median price is now $266,300, up from $250.000 one year ago.
Meanwhile, Dade County’s neighbor to the north, Broward, experienced a sharp decline in median condo price. The median last year was $210,100, compared with $159,300 this year. Naturally, sales are down 27 percent.
What does it all mean? Two things: First, that condo owners are less willing to put their homes on the market, knowing that the asking price can only increase with time; and, second, that prospective condo buyers in the middle-income range are more cautious with making big-money purchases.
As we at Haute Living have covered in recent months, the luxury real estate market is not feeling so much as a slight breeze from this deluge on the condo market. Likewise, it should be noted that single-family homes in both counties have experienced almost no change whatsoever in median home price, as both fall into the $350,000-range for the second year in a row.
While single-family homes appear a steady investment, now might be the time to purchase a condo at below what they might be worth in the near future.