Miami-Real Estate Overview

In such a popular area as Miami there will naturally be a shortage of suitable lots for new condo developments, and the Miami condo market is now stretching into older neighborhoods and has reached the suburbs. Downtown Miami has seen a lot of new development recently. Further expansion down Miami Beach is another extremely lucrative business for Miami real estate developers since the Miami real estate market shows no signs of losing the sizzle. Many of the condos are sold in pre-construction, with prices going up within a few months of purchase, making it very lucrative for the seller.
According to the Miami Herald, the average time for a property to be on the market in Miami is three weeks. The average single-family home is priced at $282,000. According to HouseHunt's survey, the market currently has more buyers than sellers, with sellers at 31 percent and buyers at 69 percent.

The condo market in Miami is growing as well. It is targeting both middle-class and higher income levels. While beachfront properties are extremely expensive, properties just a few blocks inland can save the buyer money.