Real Estate

Miami property market may be slowing, but don’t call it a recession, expert says |

Blame it on getting up early and go back to school. Or blame it on the Dolphins’ preseason loss to the Raiders last weekend.

reported not a single real estate transaction in Key Biscayne through the first four days of this week. Realtor.com, Truria Also JiroLast week we had 3 sales with $8.4 million in deals in the first 4 days and 6 sales in the first week.

But don’t worry. Experts say there is certainly no recession when it comes to the housing market.

“There was an economic slowdown, but that’s when interest rates went up,” said Crystal Cooper of Satellite Beach. home snap Awarded for ranking in the top 15% of realtors nationwide for the first six months of the year.

Key Biscayne resident Nicholas Lopez Jenkins said he noticed a real estate sign lingering in his yard recently.

“The market had been burning for so long that it had to slow down at some point,” said a personal and commercial real estate insurance consultant.

In Brickell, usually a hot market for high-rise buildings, sales lost some momentum this week due to factors such as higher interest rates and higher selling points. In his first four days of the week, six of his Brickell transactions were recorded, ranging from $565,000 to his $3.2 million.

A week ago, 11 sales were posted in the first 4 days, and 5 more were added that Friday.

Cooper, Licensed Residential and Commercial RealtorThe statewide t specializes in waterfront properties along the Space Coast, not far from her Re/Max Aerospace office in Cocoa Beach.

This week’s topic is the hope that Artemis I, the most powerful rocket, will launch on Monday.

“I think with all the media coverage, the cruise ships going back to normal and all the tourists coming in, it all helps to increase the chances[of sales and home views]. It balances the[slowdown]of interest. ‘Rate,’ she said.

According to the latest figures for Broward Beach and Palm Beach, last week’s South Florida Sun Sentinel report showed that the number of active listings, or homes on the market, increased in July, up 20% in some areas. was also shown to increase. area.

report for this summer realfocuses on South Florida real estate news, showing home sales across South Florida fell to $6.6 billion in June, down from over $8 billion recorded in June 2021 .

The same news source reports that in May alone, total home sales in Miami-Dade County fell nearly 10%, with 3,198 units closing, compared to May 2021, when interest rates were nearly double. . Condo sales were also down nearly 9% compared to May 2021, with 2,005 closings, while single-family home sales were down 12.3% compared to May 2021, to 1,193. became a door.

However, being a surfer, Cooper is passionate about his real estate business and can send his friends some nice waves instead.

“Sure, like anything else, there’s some downtime from time to time, but I don’t see it as a trend,” she said. .”

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