Miami property sales maintain record pace
Owners of Miami property should sell now, experts are advising, as the state's limited supply of housing and strong buyer demand continues to drive prices up.
Total housing inventory in Miami-Dade County decreased 23.5 percent year-over-year and 0.2 percent compared to the previous quarter. As a result, the market "continues to create opportunities for sellers", says the Miami Association of Realtors, as the median sales price for single-family homes rose 5.06 percent annually in the third quarter of 2012 to $189,000. Prices of Miami condos climbed even higher, with values hitting $145,000, 28 per cent higher than the same period last year.
"The Miami real estate market continues to perform remarkably well despite the shortage of housing inventory that is limiting potential sales," comments Martha Pomares, 2012 Chairman of the Board of the Miami Association of Realtors. "Such performance is reflective of the strong demand being fueled by both U.S. and international buyers. Buyer interest will continue to positively impact our market long into the future."
Indeed, year-over-year, the average sales prices for single-family homes and condominiums increased 6.2 percent to $347,716 and 19.3 percent to $276,883, respectively.
Nationally, the median sales price of existing single-family homes was $186,100 in the third quarter, up 7.6 percent from the third quarter of 2011, according to the National Association of Realtors. The national median sales price for condominiums was $180,800, a 7.7 percent increase over the previous year.
Miami-Dade residential sales - including existing single-family homes and condominiums - increased a 0.61 percent in the third quarter, from 6,672 to 6,713, compared to a year earlier. Following a record-breaking year in 2011, sales in Miami remain at historically strong levels. In the third quarter, Miami sales of existing single-family homes increased 0.07 percent compared to a year earlier. The sales of existing condominiums increased one percent compared to the third quarter of 2011.
Nationally, total existing-home sales, including single-family and condo, rose 3.2 percent to a seasonally adjusted annual rate of 4.68 million in the third quarter from 4.54 million in the second quarter, but were 10.3 percent above the 4.25 million pace during the third quarter of 2011.
"Homeowners in the Miami real estate market who have been waiting to sell should seize the opportunity and list their properties for sale," said MIAMI Association of REALTORS Residential President Patricia Delinois. "In Miami, we have experienced consistent double-digit price appreciation for more than 10 months, which means those who sell now will see considerably higher returns than they would have a year ago, particularly for condominiums."