There is still debate as to the demand for homes in the Miami real estate market. Luxury homes are still moving well, with high-priced listings and closed sales all over Miami and Miami Beach. The uniquness of homes also has kept their demand and pricing fairly stable as the condo market has recently hit a bit of a snag with currency fluctuations across many of Miami's feeding South American markets. According to a report by The Open House, the median listing price is down due to a slight shift in a demand. Only 218 homes sold by July 31 with median listing price down $9,000 to $435,000. Of that only 65 were single-family homes and 5 townhomes. Only 173 paid asking price and 15 paid above asking price. 127 of the homes sold after 90 days on the market and 10 sold in under 30 with the median listing of 112 days to close. Despite this, as an oversupply of condos come on the market, single-family homes and townhomes should hold value well compared to their condo counterparts.
*The Open House