Miami house prices and sales surge in june
Photo credit: Miamism
The Miami Association of Realtors reports increased demand for single-family homes in Miami-Dade County amid very tight supply that is fuelling double-digit price appreciation.
Single-family home sales surged 25 percent, up from 935 in June 2012 to 1,170. Sales of condos increased 5.5 percent.
June’s real estate market performance marks 19 consecutive months of appreciation for both single-family homes and condos. The median sales price of single-family homes increased 21.1 percent to $230,000 year-over-year and 3.6 percent compared to the previous month. The median sales price of condos, which has significantly increased each month over the last two years, rose 15.9 percent to $185,500 compared to a year earlier and 3.1 percent compared to the previous month.
“The Miami real estate market continues to gain momentum fuelled by intense demand coupled with very tight supply particularly in the lower price ranges due to investors,” said 2013 Chairman of the Board of the MIAMI Association of REALTORS Natascha Tello.
“Miami real estate is definitely thriving. Factors such as population growth and foreign buyers are driving record sales for the third consecutive year, which will continue to result in strong price appreciation until more supply comes on the market.”
Nationally, sales of existing single-family homes, townhomes, condos, and co-ops decreased 1.2 percent from May but were 15.2 percent higher than they were in June 2012, according to the National Association of Realtors.
Compared to last year’s figures, the average sales price for single-family homes in Miami-Dade County in June increased 27.1 percent to $509,515 - outstripping the USA’s overall growth in existing-home prices of 13.5 percent.
Active listings at the end of June increased 5.1 percent, from 12,544 to 13,179, compared to June 2012, when the market was already experiencing a housing shortage. Despite the slight increase due to more new listings coming on the market, current active inventory remains insufficient to satisfy intense demand for Miami properties
“Limited months supply of inventory in Miami reflects a seller’s market, which means buyers have to be more focused and savvy while sellers can sell fast if properties are priced right,” said 2013 MIAMI Association of REALTORS Residential President Fernando I. Martinez.
“Properties that are competitively priced will sell very rapidly, particularly in the lower price points, and will generate multiple offers close to or above asking price.”