February 27, 2014

Coral Gables, Pinecrest, Palmetto Bay and Cuttler Bay Real Estate Market Update

Do you remember when 4 years ago real estate foreclosure homes were in the market for month and months? Now, thanks to foreign buyers and investors the market had made a big turned around.
In our state the real estate market has had a positive performance and it will continue, rising number of sales and increasing the home value between 10-12% to this year according to Dr. John Tuccillo, chief economist for Florida Realtors.

Florida is a privileged state for its weather and experts are expecting retirees moving to Florida without mentioning working middle age families.

Dr.Tuccillo says investors and international buyers will be buying fewer properties since the prices are not too attractive and that we have less supply available in the market, but at the same time new condominium construction will increase.

In addition, the mortgage interest rates have been increasing little by little, but we still have a good rate.

Today’s mortgage rate interest is 4.38% 30 Yr. comparing with February last year 3.76% year fixed rate.

Below you will find the last closed sales in 2013 of the cities of Coral Gables, Pinecrest, Palmetto Bay and Cutler Bay, check out the chart.

*Number of single family homes sold in 2013 (According to the MLS)
Now it's time to check the number of houses for sale in the Coral Gables, Pinecrest, Palmetto Bay and Cutler Bay.

*Number of the Single family homes for sale as of February 26/14 (According to the MLS)
Please feel free to contact me at 305-905-3370 to get a free estimated market value of your home or neighborhood report.
Maria Medina Your Realtor(R)
Maria Medina Your Realtor servicing Miami, Coral Gables, Pinecrest, Palmetto Bay and Cutler Bay.