Miami Beach, FL home prices and housing market

Miami Beach homes are sitting on the market for 108 days, and yet values keep climbing. Here is what that means if you are thinking about selling this year. The typical home here is now worth about six hundred eighty-five thousand dollars, up roughly 2.4 percent over the past year. That sounds like a healthy market until you look at the supply side. There are about two thousand three hundred homes for sale, and buyers have plenty of time to be picky. The median asking price is around seven hundred sixty-seven thousand dollars, which is roughly eighty thousand dollars above the typical home's value. Here is the number that explains the standoff. Only about 9 percent of listings have taken a price cut. Sellers here are not panicking. They would rather wait four months than lower their price, so homes sit while values quietly hold. If you are selling, the lesson is simple. Price near what your home is actually worth, not near the asking prices you see around town. In a market this slow, an ambitious price just means a long, quiet listing. To find out what your Miami Beach home could sell for right now, get a free estimate at Home Value Pros dot com.