The Miami real estate market continues to perform remarkably well despite the shortage of housing inventory that is limiting potential sales.
Miami, Florida (PRWEB) November 07, 2012
The performance of the Miami-Dade County residential real estate market continues to create opportunities for sellers, as limited supply and strong demand consistently yield significant price appreciation, according to the 25,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems.
Median and Average Sales Prices
The median sales price for single-family homes in Miami-Dade County rose 5.06 percent to $189,000 in the third quarter of 2012 compared to the third quarter of 2011, and 2.2 percent compared to the second quarter of 2012. The median sales price for condominiums was $145,000, an increase of 28 percent year-over-year.
“The Miami real estate market continues to perform remarkably well despite the shortage of housing inventory that is limiting potential sales,” said 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.”
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.
Homes Sales Remain Keeps Pace with Record Levels in 2011
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.”
Total housing inventory in Miami-Dade County decreased 23.5 percent year-over-year and 0.2 percent compared to the previous quarter. Currently, there are 11,598 active listings in Miami-Dade County.
Note: Statistics in this news release may vary depending on reporting dates. Statistics reported by MIAMI are not impacted by NAR’s rebenchmarking efforts. MIAMI reports exact statistics directly from its MLS system.
About the MIAMI Association of REALTORS
The MIAMI Association of REALTORS was chartered by the National Association of Realtors in 1920 and is celebrating more than 90 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of four organizations, the Residential Association, the Realtors Commercial Alliance, the Broward County Board of Governors, and the International Council, it represents more than 25,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local association in the National Association of Realtors, and has partnerships with more than 100 international organizations worldwide. MIAMI’s official website is http://www.miamire.com.