Miami coastal condo trends in 2022
Florida has surged in popularity in the past few years. Climate, coastal shores, good jobs, education opportunities, as well as diversity, there is a bit of everything for everyone. It’s not a surprise then to hear that professional movers Miami are working tirelessly to move people from all over the world here. During the quarantine, a lot of people realized they would like to live somewhere with a view. And there is no more comforting nature than that of the ocean. In fact, ocean waves are white noise and perfect for a relaxing lifestyle. Because of this, Miami coastal condo trends are in high demand now. However, Miami is not the only city with an increase in housing trends. Most of the Bowad Country is on the rise as well, with Pompano Beach, Coral Springs, Pembroke Pines, and Davie as one of the top options.
Miami coastal condo trends
- Competitive markets: as there are generally more sellers than buyers, the market has increased in both size and competitiveness
- Increase in price: this is a trend that’s been active for the past year, but experts don’t predict that the prices of condos will decrease anytime soon
- Fewer days on the market: on average, homes stay around 30 to 40 days on the market depending on the city
- Good long-term investment: as Florida becomes even more popular for both owned or rented property, it is considered a good option for long-term investment, especially for coastal condos
- Cash: buyers who have cash are more likely to get better prices and deals from the sellers
Even though these are the trends for Miami, most of the Bowad Country also holds a lot of them. Especially the cities listed below.
Pompano Beach – highest home appreciation rates in the region
Over the past decade, Pompano Beach appreciated 141.15% in real estate. In other words, Pompano Beach ranks as one of the top players in national real estate appreciation. Because of this, it’s one of the most profitable long-term investments for real estate owners. The most popular neighbors are Lakeside, Santa Barbara Shores, Palm Aire, and Avalon Harbor. And most movers Pompano Beach FL will advise you to check them out. However, don’t let the names fool you into thinking that the best-selling condos are the coastal ones. In fact, Pompano Beach is largely known for large apartment complexes. Other than that, high-rise apartments are also popular. Additionally, most of the housing has been built near the end of the 21st century, with only around 9.23% built after 2000.
Next on the list are three-bedroom ones that amount to 25% of all homes. The median cost of homes in Pompano Beach is $318,100, which compared with national average prices, makes it well above average. Unfortunately, continuing the trend of the last year, home prices are increasing every month or so. Compared to 2021, home prices are now up to 18,9%, however, on average, homes are sold quicker than last year. They sell after 40 days on the market, which is a lot less than 63 days from last year’s statistics. Despite all this, the housing market is not much competitive. They are multiple coastal condo offers that go below or above the listed price from time to time.
Pembroke Pines – a diverse city surrounded by nature
With 32 constituent neighborhoods, Pembroke Pines ranks as the 11th largest community in Florida. Century Village, Pembroke Lakes, and Pembroke Falls are some of the best neighbors to consider when looking for buying property. Unlike Pompano Beach, the average homes stay around 50 days on the market. It’s also important to note that the amount of these days has been decreasing since last year. Other than that, Pembroke Pines doesn’t have coastal condos as it does not border the coastline. But don’t let that dissuade you from buying property here. This is something that movers Pembroke Pines will also advise you. Pembroke Pines has one of the most diverse working classes, as well as a great deal of different racial and ethnic groups. It’s also largely predicted that Pembroke Pines’s good long-term profit potential will only increase in the years to come.
Davie – a younger population with a bright future
Even though Davie is a small community, it has a large population of relatively young people. Most of them are in their 20s and 30s, starting their education or jobs in Davie. So, if the young community is something you’re looking for, don’t forget to check movers Davie FL as well. Interestingly, Davie also has a large number of people who work from home. They make up 7.66% of the total workforce. Therefore, the housing market is on the rise here, as people are looking for more comfortable places to live, as well as work. Oak Hill Village, Pine Island Ridge, and Playland Village are some of the popular neighborhoods in Davie. In general, Davie doesn’t have a competitive housing market. Homes stay around 40 days on the market before they are sold out.
Coral Springs – a high-profit paradise for foreigners
Coral Springs comes in a bit stronger than the rest in relation to home prices. For example, compared to last year, the prices are now 20.1% up. This makes the median price of $540,100 a high one for many buyers. However, despite this, houses on average stay around 35 days on the market. Additionally, Coral Springs moving company is also in high demand. This means that even with the somewhat competitive housing market and high prices, a lot of people are buying property in Coral Springs. Especially in the neighborhoods such as Whispering Woods or Coral Creek, Pine Ridge, and Kensington.
Part of the reason is that Coral Springs is the city of the mixed working classes, as well as people from mixed racial groups and ethnic backgrounds. Almost 30% of the population consists of people that were born in another country. On top of that, the per capita income is considered one of the uppers ones in Florida. It’s also good to note that Coral Springs is not a good short-term investment. So if you’re looking for the long-term option, considered Coral Springs then. In addition to that, according to the Walletinvestor predictions, Coral Springs has +2.52% of long-term profit potential. This makes it the perfect investment opportunity.
In conclusion, Miami coastal condo trends, for now, are looking similar to those from last year. Regardless, this year is only in its first half and by the time fall rolls in, these trends may change. However, one thing most experts do know is that most of the cities in Florida have good long-term profit potential. So before the prices increase the next year, now is the best time to consider buying a condo.