Miami single-family home and condominium prices continue to trend upwards due to the record demand experienced last year.
Miami, Florida (PRWEB) May 22, 2012
For the fifth consecutive month, Miami home prices posted strong gains in April. The median sales price of condominiums in the Miami-Dade County increased 30 percent to $150,000 compared to a year earlier, according to the 25,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system. The median sales price of single-family homes rose 8.2 percent to $183,000. The median sales prices for non-distressed properties sold in April in Miami-Dade were $253,400 for single-family homes and $246,250 for condominiums.
“Miami single-family home and condominium prices continue to trend upwards due to the record demand experienced last year,” said Martha Pomares, 2012 Chairman of the Board of the MIAMI Association of REALTORS. “Price appreciation should continue due to limited supply and strong demand from both U.S. and international buyers and investors.”
Statewide median sales prices in April increased 10.2 percent to $144,350 for single-family homes and 16.1 percent to $108,000 for condominiums, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. The national median existing-home price for all housing types was $177,400 in April, a 10.1 percent increase from April 2011.
The April average sales price for single-family homes in Miami-Dade County increased 17 percent, from $355,342 in 2011 to $415,046 in 2012. The average sales prices for condominiums jumped 22.3 percent, from $242,616 to $293,717. The average sales prices for non-distressed properties sold in April in Miami-Dade were $626,877 for single-family homes and $414,664 for condominiums.
The sales of existing single-family homes in Miami-Dade increased 7.2 percent in April, from 830 to 890, compared to record sales levels in April 2011. Sales of condominiums were down 12.0 percent, from 1,404 to 1,237, compared to April 2011.
Statewide sales of existing single-family homes totaled 17,544 in April 2012, down 0.7 percent compared to a year ago. Statewide condominium sales totaled 9,765, down 4.9 percent from those sold in April 2011. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops increased 3.4 percent from March and were 10 percent higher than they were in April 2011, according to the National Association of Realtors (NAR).
“The Miami residential real estate market continues to show remarkable strengthening compared to the rest of the nation,” said 2012 MIAMI Association of REALTORS Residential President Patricia Delinois. “Miami is unique in many ways, including being the top market in nation for foreign buyers and investors. There are many benefits to living and working in Miami, which is why migrating U.S. residents and retiring baby boomers as well as vacation and second home buyers, and global business headquarters are increasingly attracted to our amazing city.”
Inventory Continues Sharp Decline
Over the last year, the inventory of residential listings in Miami-Dade County has decreased 34 percent from 17,897 to 11,878. Compared to the previous month, the total inventory of homes dropped 4.04 percent. Total housing inventory nationally rose 9.5 percent at the end of April but was 20.6 percent below a year ago.
Strong demand for bank-owned (REO) properties and improved processing of short sales has resulted in rapid absorption of distressed listings and contributed to price appreciation. In April, 47 percent of all closed residential sales in Miami-Dade County were distressed, including REOs (bank-owned properties) and short sales, compared to 59 percent in April 2011 and 49 percent the previous month.
International Buyers Fuel Cash Sales
In Miami-Dade County, 64 percent of total closed sales in March were all-cash sales, compared to 65 percent in March and 63 percent a year earlier. Cash sales accounted for 46 percent of single-family and 77 percent of condominium closings. Nearly 90 percent of international buyers in Florida purchase properties all cash. Nationally, all-cash sales fell to 29 percent in April - from 32 percent in March and 21 percent in April 2011 - reflecting the stronger presence of international buyers in the Miami real estate market.
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.
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