Analysis of miami's real estate market - Research Paper Example

The price per square foot has also increased for example in 2013 the price stood at $180 but this has increased with 13.9% in 2014. The table below indicates the average process for houses in the last 5 years. During the month of May 2014, the median prices indicated an increment both for condominiums as well as single family homes. According to MIAMI Association of REALTORS, in 2013 the median sale price for single family homes was standing at 225,000. As more local people increased their demand for comfortable and quality houses, the sellers raised the prices in order to maximize their profits at the expense of the buyers.

The prices for similar single family homes in 2014 increased by 8% getting to the level of 243,000 (Jonathan and Miller 16). Another notable change in the market can be indicated by the upward adjustment in sale prices in the months of April 2014 and May 2014. For instance, during the month of April 2014, the average price for single family homes was 421,207. Based on an increase in demand during the month of May 2014, the average price increased by 11.3% to reach 469,088. Currently, Miami real estate continues to experience a fast rate of selling while at the same time indicating asking prices.

This is an indication that the real estate are being at an appropriate methods. On their part, the buyers have embarked on remaining competitive in the current market situation. When analyzed at the national and state levels, the same trends in the local Miami real estate market are noted. According to MIAMI Association of REALTORS, the sales for condominiums, single family homes, co-ops and town homes depicted an increment of 1.3% by comparing the months of May 2014 and March 2014. Similarly, the REALTORS data indicates that as the result of high demand nationally for all houses types, the existing home prices for all types was estimated to be 201,700 in the month of April 2014