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Is Miami Preparing for a Housing Bubble?


December 11, 2015

Is there a bubble when it comes to the Miami housing market?  Most experts who follow the real estate market suggest that is not the case, at least not yet anyway.  Of the 70 experts polled by online real estate database company, just four of them suggest that Miami is in a bubble though a few did suggest that a bubble may start to form next year.

Once the housing market started to rebound in 2011, prices for homes throughout South Florida have skyrocketed, spurring a tremendous amount of attention from foreign buyers from Latin America, China, and beyond.  Although there has been a major upswing, the region is still far away from its heyday when prices were at a record high in 2006.  Currently, the values of homes are about 70 percent of the all-time high achieved that year, per the S&P Case-Shiller Home Price Indices.

Price gains have slowed down somewhat, and despite the attention from foreign buyers, the fewer cash home sales suggest there are perhaps less of them.  The slowed pace of price gains could signal a positive sign for local buyers looking to perhaps become first-time homebuyers.  Due to wages, Miami is considered one of the least affordable housing markets in the country.

This update is presented by Miami Beach Realtor Tim Allen of Blackstone International Realty, specializing in Continuum South Beach.  If you are interested in Miami Beach condos such as the Continuum condos for sale, call Continuum expert Tim at 305-588-2451 for information on sales and rentals.