...more positive news for the Greater Miami real estate market!

Today’s market outlook continues to be positive for the Greater Miami area. According to new released information by the National Association of Realtors, Miami home prices are up more than 20% over last year in the first quarter. In Miami the median price is $219,900, $43,867 higher than that of the national. Also mentioned in this report is the increase in permits for new homes. In the 12 months leading to March of this year, the rate of permits for new housing construction of single family house rose by 17.2% over the same period the year before. All this is an indication that our local real estate market is in recovery. We have been seeing positive numbers for almost two years now. The one thing that seems to have been holding it back is a shortage of inventory. I believe this renewed interest in new construction by developer and builders will further intensify this momentum with jobs and inventory making 2013-2014 the true turning point for our local real estate market and economy.