The Miami real estate market experienced further strengthening in the last quarter of 2011, a record-breaking year for Miami home sales.
Miami, Florida (PRWEB) February 09, 2012
In the Miami Metropolitan Statistical Area (MSA), residential sales – including existing single-family homes and condominiums – increased 23 percent in the fourth quarter of 2011, from 4,722 to 5,839, compared to a year earlier, according to the 26,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. This rise marks 14 consecutive quarters of rising sales that culminated in a record-breaking year for the Miami real estate market.
Miami sales of existing single-family homes increased 21 percent in the fourth quarter compared to a year earlier. The sales of existing condominiums in Miami rose 25 percent compared to the fourth quarter of 2010. Statewide sales of single-family homes increased seven percent while sales of condominiums increased four percent.
“The Miami real estate market experienced further strengthening in the last quarter of 2011, a record-breaking year for Miami home sales,” said Martha Pomares, 2012 Chairman of the Board of the MIAMI Association of REALTORS. “International buyers and investors have absorbed the excess inventory in existence two and three years ago, resulting in limited housing supply and now rising prices. And we expect further strengthening in 2012.”
Median Sales Prices
The median sales price for single-family homes in Miami-Dade in the fourth quarter of 2011 was $176,200, a negligible one percent drop from a year earlier. The median sales price for condominiums was $124,100, a 19 percent increase. Statewide, median sales prices dropped one percent to $132,000 for single-family homes and rose five percent to $88,800 for condominiums.
Despite short sales and REOs (bank-owned properties) continuing to account for a significant percentage of closed home sales in Miami, limited supply and heightened demand are driving price appreciation earlier than expected.
“Miami is a true global city, attracting attention on many fronts, including tourism, trade, banking and culture and arts in addition to real estate,” said MIAMI Association of REALTORS Residential President Patricia Delinois. “Miami’s global appeal is generating positive economic trends such as population growth, job creation, decreasing unemployment rate, and improving consumer confidence, which should further drive demand for Miami real estate this year.”
Inventory Levels and Months of Supply
Total housing inventory in Miami-Dade County has decreased more than 40 percent from a year ago and six percent from the previous quarter. Currently there are less than 6 months of supply 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 rebenchmaking efforts. MIAMI reports exact statistics directly from its MLS system. The MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service are the sources for statistics reported by the National Association of Realtors and Florida Realtors.
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 26,000 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.