Miami Home Prices Increase in 1Q

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In Miami-Dade County, limited supply and heightened demand fueled robust price appreciation in the first quarter of 2012, despite short sales and REOs (bank-owned properties) continuing to account for a significant percentage of closed home sales, , according to the 26,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems.

Martha Pomares, 2012 MIAMI Chairman of the Board

Record home sales, which were greatly boosted by foreign buyers and investors, in Miami-Dade County have further strengthened the local real estate market and economy.

In Miami-Dade County, limited supply and heightened demand fueled robust price appreciation in the first quarter of 2012, despite short sales and REOs (bank-owned properties) continuing to account for a significant percentage of closed home sales.

Median and Average Sales Prices
The median sales price for single-family homes in Miami-Dade County rose 14 percent to $174,799 in the first quarter of 2012 compared to the first quarter of 2011. The median sales price for condominiums was $129,500, a 38 percent increase year-over-year.

“In the first quarter we have seen further decline of housing inventory in Miami-Dade County coupled with consistent and significant price appreciation,” said Martha Pomares, 2012 Chairman of the Board of the MIAMI Association of REALTORS. “Record home sales, which were greatly boosted by foreign buyers and investors, in Miami-Dade County have further strengthened the local real estate market and economy.”

Year-over-year, the average sales prices for single-family homes and condominiums increased 26 percent to $335,072 and 29 percent to $257,346, respectively.

Single-Family Homes Sales Rise
Miami-Dade residential sales – including existing single-family homes and condominiums – decreased a negligible one percent in the first quarter of 2012, from 5,910 to 5,869, compared to a year earlier. Following a record-breaking year in 2011, sales in Miami remain at historically strong levels despite the slight decline. In the first quarter, Miami sales of existing single-family homes increased 4.1 percent compared to a year earlier. The sales of existing condominiums decreased four percent compared to the first quarter of 2011.

“While we are fortunate to have seen such a rapid and robust recovery in Miami, loosening unnecessarily tight credit conditions would further benefit our market,” said MIAMI Association of REALTORS Residential President Patricia Delinois. “Considering that we are seeing consumer confidence, job creation, and the economy improve, Miami is poised for growth that will positively impact the local real estate market long into the future, particularly if qualified buyers are able to purchase homes.”

Inventory Levels and Months of Supply
Total housing inventory in Miami-Dade County decreased more than 33 percent year-over-year and 13 percent compared to the previous quarter. Currently, there are 12,027 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 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.

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Lynda Fernandez
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