Brickell- We’re on the brink of preparing for one of the year’s busiest, most extravagant weeks in the city. With Miami Music Week already knocking on our doors, what better time is there besides now to analyze how its market is doing so far?
Remember a few moments ago when I said the word Buyer’s Market? In case the number of homes available did not clarify I also included current months of inventory, sitting currently at over 30 months of inventory! Even for an urban real estate environment that’s strictly based on condos, 30 months is a lot of units. I also included the current absorption rates (rate at which homes sell based on a time period) trending downwards to 3.1%. For all Sellers looking to make a move in the next few months, a low absorption rate is a signal to place extra importance on accurate pricing and strong marketing as key to getting the attention of Buyers.
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