Miami’s Real Estate Economy is Turning the Corner

This past month Miami government leaders released the Miami real estate statistics. The overall real estate values of Miami-Dade County increased by 2 percent, coming to 190.7 billion. This is really fantastic news because it’s showing real healthy growth for a market that has been sluggish for 4 years. Since 2008 the market has seen drops of 55 billion in the overall real estate value. The 30% drop in real estate values played a major role in job creation. Recently there has been a rise in new construction, creating more construction jobs.

These numbers prove a couple things. First, the Miami real estate market is done bottoming out. This can also mean that there are more buyers than sellers. This created a little demand pull on the need for homes. When the market had a substantial amount of foreclosures and layoffs, there were clearly more homes for sale in Miami than buyers. With the high unemployment or underemployment in the Miami area the amount of buyers really decreased. This proves the second point, that the overall health of the Miami economy has increased which is helping refuel the real estate.

What this means for each resident is very important for everyone in Miami to understand. It means that this is really sincerely a perfect time to buy or sell. Probably even the healthiest time to buy. If this trend keeps up Miami real estate has a tendency to become very expensive. Realistically it will. If you want to move to Miami or out of Miami, this is the time.

In the real estate market the new banking rules will stop a bubble from creating. Therefore the market will not rage like it did in the early 2000’s. If we see an increase in the next 4 months in a row, we will officially be out of the mess. We’re not fully out yet but June 2012 was a great month for Miami real estate.