The report measured the time the property remained on the market and the price reduction. Some homes in south Florida spent 108 days on the market. The Miami market has seen price cuts of 11.5 percent.
Properties below 1 million dollars sell quicker than those over this same price. Even properties under 400,000$ are certain to move the fastest. The average price range of Miami homes are close to $350,000. Therefore, a larger pool of buyers are available to purchase homes in this range.
Overall there is positivity around the south Florida market with a stable market showing stable job creation, still low rates and flexible banks loans.
Speaking of low interest rates: In the first semiannual report on monetary policy since Donald Trump took the Oval Office the Federal Reserve will increase rates this year. The Federal Reserve hasn’t increased rates since 2009 and plan to do it slowly in 2017.