For local homeowners watching property values rise and fall, surprises aren’t necessarily welcome. Surprises come in two flavors where real estate is concerned (and the previous decade certainly brought some of the unwelcome kind).
One of the basic numerical tools we have come to rely upon comes from Corelogic®, the California analytic brainiacs who collect and present national statistics mined from the MLS data. Their latest report on home prices is accompanied by a graphic that’s becoming increasingly familiar. For Downtown Miami homeowners, it’s always a welcome sight: an arrow pointing straight up.
These are national trends, but of course, most of the news we absorb as we go about our daily routines are just that. Like it or not, the news influences us in many overt and subtle ways, not the least of which is how eager we feel about opening our wallets to make any kind of purchase. And homeowners — even those who have no intention of selling or buying another home — can be relied upon to register the value of their own Downtown Miami real estate holdings somewhere in their consciousness.
The up-pointing arrow in this latest report is next to a bold blue number, 12.1%, which is the rise in home prices year-over-year. That’s the kind of jump that more volatile (and risky) investments aim for; the kind of rise that furrows brows from those who are still watching from the sidelines.
Deeper into the numbers, we do see that the rise from March to April was a full 3.2%, that prices are now within 22.4% of the peak of last decade’s bubble, and that, for the Corelogic® experts, the prediction is that the next month’s year-over-year rise will climb to 13.2%. We will have to wait to see if that can be matched for Miami homeowners, but whether or not it hits that kind of mark, we can expect to see another bold blue number. And another upward-pointing arrow.
All of which makes me happy to say that I am always standing by to answer questions or help with your next Downtown Miami real estate acquisition or sale.