Housing Surge Underway in Miami, Realtors Say

Barbara Haley and her family bought a new house – eventually

Barbara Haley has just about all of her family's items boxed up, and is very excited about the big move they’ll make in the next few days.

Soon Haley, her husband and their son will be calling a new house in Coral Gables home. But for a while, it didn’t look like a move to a bigger house was going to happen.

First they tried to buy another Coral Gables home.

“Within 24 hours (it) had an all-cash offer and it ended up closing (at) almost the asking price,” Haley said.

And another house they went for received seven offers, two of them cash, so that didn’t come close to working out either.

“Barbara was looking was for homes for a while, but because of the competitiveness of all the buyers in the market she was getting outbid,” said Realtor Melanie Hyer of the Revest Group.

She said bidding wars are underway now, as multiple offers on properties drive up prices.

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Numbers from the Miami Association of Realtors back up the housing surge. The realtors’ group says that condominium sales prices are up 22 percent in Miami and up 6 percent for single-family homes. Prices across the state are up 14.3 percent for condos and 8.9 percent for single-family homes.

“There's going to be bidding wars on your property. It might even go above your list price,” Hyer said.

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Hyer said another reason that the market values are going up is that distressed properties are being cleared out of the marketplace much more quickly.

She said it used to take over a year for a short sale to be completed, but now that only takes a matter of weeks. That’s good news for you even if you aren't in the marketplace to sell or buy because it makes your house worth more, Hyer said.

Haley feels fortunate that this time she put her bid in quickly.

“We were the first people on the scene,” she said, smiling.

For more details on how your home and neighborhood are being impacted by the changing housing market, see these links:

Miami Association of Realtors: Miami Market Focus

Broward Council of the Miami Association of Realtors

Property Search for South Florida

Property Search from the Broward County Appraiser

Average Listing Prices for Areas in Broward

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