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2013 Holds A Positive Light Over The Miami Real Estate Market And Its Overall Recovery
It is true that the Miami real estate market has been among the hardest hit housing markets within the United States since the recession which took place a few years ago. However, people who are curious as to what 2013 has to offer the world will most likely be able to find the future actually holds a positive light over the world-class destination found in South Florida.
Between the second quarter of 2007 and the third quarter of 2011, home prices in Miami had dropped by as much as 45 percent which is massive compared to the 16 percent decline seen on a national level. But real estate experts predict stabilization throughout 2013 with a number of factors playing a crucial part in Miami’s overall recovery.
One of the top factors is the market for multi-family rental developments are levels were seen increasing by a rapid 59 percent in 2011. According to analysts, figures could reach up to 69 percent in 2012 which could prove to be a positive trend for Miami in the upcoming quarters.
Two other factors which are considered to be quite important are tourism and trade which are top performers within the region. Tax revenues that are related to tourism have been on the rise and passenger traffic levels at the Miami International Airport could very well reach new record highs by the end of 2012.
Shipments at the Miami International Airport have also increased by as much as 5.8 percent from January through to September 2012 but could face declines caused by the drop in demand from Europe and China.
According to the Federal Reserve’s Beige Book, weaker tourism traffic from Europe was noted in the Atlanta District which also includes the Miami region. People are convinced that the decline in demand was triggered by an increase in Canadian and Latin American tourism despite the fact that Latin America is also affected from the on-going issues that are troubling both Europe and Asia.
Nevertheless, people who are concerned about the region and its economy should be less anxious as market analysts are making their predictions based on all apparent grounds which include the fact that credit quality has been seen improving while single-family housing starts are already being seen on the rise across the region.
If you would like to find out more about the current situation within Miami as far as the housing market is concerned, you may contact our team of professional agents for assistance regarding your inquiries.