The prices in real estate in Miami, in the Florida region have had a strong fall in the last couple of months. The real estate prices for second hand homes have gone through a strong fall in this city.
The price per sq.feet in Miami has had a strong decrease during the last 6 months. In March, the average price per sq.feet was $3,692. In the following month the price per sq.feet increased to $4,192. The price for the following two months in (May, June) had a considerable decrease of 45 with regard to the prior two months. The price per sq.feet has had a considerable deflation of 50 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.feet of $2,851.5 to $1,428 during July, and August.
Based upon to the price in Miami (cities), this has gone downing the last 6 months. In our first sample month during March, the average price is $938,243. In April This price remains at $931,247. In the following two months the average price has remained the same with regard to the previous two months from $934,745 to $919,748. During the last two months the average price has had a strong fall compared to the previous four going from $927,246.5 to $726,804.5, which means a 78 % fall.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of $790,707 they are 70 % more affordable than the average price for Miami. The properties with the lowest average price have 4 bedrooms, Their price is 0 % cheaper than the average. After that we have properties with 3 bedrooms priced at $444,395.
With regard to the average price per sq.feet , those properties with 2 bedrooms are the cheapest ones at a cost of $225 / sq.feet, with an average $1,516 / sq.feet price in Miami. The properties with the lowest average prices have 1 bedroom. They are 81 % cheaper than the average followed by properties with 4 bedrooms with a price at $278 / sq.feet.
The graph displaying the average prices displays the property type "Land" as the most affordable one. At an cost of $790,707 it is 46 % cheaper than the average price in Miami. "Condo" is seen as the second most affordable property type. The dearest property type is "Villa" followed by "House". At a price of $804,807 it is 27 % more expensive than the average price.
According to the average cost per sq.feet, the cheapest property type is "Land" at an average cost of $162 / sq.feet followed by "House" priced at $277 / sq.feet. "Villa" is the most costly type of property with a $4,208 / sq.feet cost followed by "Apartment" with an average price of $2,841 / sq.feet.