Miami-Dade County, Florida (VN) — The real estate market is expected to contract in 2020, as the number of people moving to the Miami- Dade County area declines, according to a report by Real Estate Data Analysis Inc. The median price of a home in the Miami area was $1.8 million in March, down 10% from March 2016.
Miami-dade County was the third-worst performing county in the country for the number and median home price.
Miami, the third largest city in the United States, has seen a sharp decline in the number moving out of the area.
The city is home to about 80% of the population of the United State, but it has been the worst-performing county for the median price since 2015, according the report.
The number of residents leaving the county for a new home has dropped by about 10% over the last year.
In February, more than 70% of residents left the county.
The percentage of residents who stayed in the county dropped from 70.5% in February 2016 to 61.9% in March.
Miami is also one of the most expensive counties in the U.S., according to the report, and a number of factors are contributing to the decrease in the median home prices.
The most common reasons cited by Miami-area residents were a decrease in job growth, the cost of housing and the lack of affordable housing.
For the second consecutive year, the number leaving the area for a home is down.
The average median price per month for a Miami home sold in March was $7,621, up $5,869 from last year, according a recent report by real estate data analytics company RealData.
The decrease in home sales in the area was particularly noticeable in the areas surrounding Miami.
The area around the South Beach and the Doral neighborhoods had the largest decline in sales last year at 25.6%, according to RealData data.
Sales were down by 10.3% in the neighborhoods of South Miami-Ft.
Lauderdale and South Beach, while the area surrounding Miami Gardens saw the largest decrease at 15.1%.
“In the Miami metro area, home sales have dropped by 13.9 percent since 2016, and median price is down by 16.5 percent, according RealData’s most recent numbers,” said Robert Crespo, a senior research analyst with the company.
“In other words, we are seeing a real estate bubble in Miami-Florence, a real-estate market that is likely to continue shrinking as Miami’s population ages and declines,” he added.
“A decline in median home sales would certainly be a boon to those who are buying their first homes.”
According to Real Data, home prices in the city have dropped to an all-time low of $1,832,000 in March 2016, down 7.7% from the previous year.
The market is still up more than 2.4% in Miami and is expected continue to rise for the next six months, according Crespos analysis.
The Miami-Hollywood area, the region with the largest population growth in the past five years, is also seeing the biggest drop in sales in Miami County, which is expected in 2020 to be the sixth-largest city in Florida.
Sales in the Hollywood area fell by 9.5%, according Real Data data.
“Miami-Honduras has experienced a dramatic population increase in the last five years as the population ages, as well as as the economic boom that is being fueled by a tourism industry,” said Crespa.
“The housing market is also showing signs of stability, which may be a reflection of a number that have recently been bought out.
But it is not as if the median prices have plummeted,” he continued.
“Many of these properties are still being offered at fair market value.
And while there is still a lot of demand for these properties, it is possible that the supply of homes is going to be limited by the amount of available land.
We are going to see a real, tangible decline in demand in the near term.”
RealData noted that the median sale price for Miami-based homes in March stood at $8,838, down 5.7%.
“Real estate analysts agree that the Miami region is at an all time low in terms of home sales,” said Tom Beech, chief executive officer of RealData, “and that the market is in for a hard sell.”
Beech noted that Miami-Broward County has seen an uptick in sales over the past several months.
Sales have increased by nearly 50% over last year and now sit at $3,000 per month.
Sales are up in the greater Miami area, and Crespes prediction is that demand for new homes will pick up after the Miami and Broward counties have been impacted by Hurricanes Irma and