Following another record sales year in 2012, the Miami real estate market continues to reflect strong demand from both U.S. and foreign buyers.
Miami, Florida (PRWEB) January 31, 2013
The total number of listings, including single-family homes and condominiums, that pended* in Miami-Dade County during the month of December increased 8.4 percent, from 2,834 to 3,073, year-over-year but decreased nine percent compared to the previous month, according to the 25,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. The number of single-family and condominium listings that pended in December increased 11.2 percent and 6.3 percent respectively compared to December 2011.
“Following another record sales year in 2012, the Miami real estate market continues to reflect strong demand by both U.S. and foreign buyers,” said 2013 Chairman of the Board of the MIAMI Association of REALTORS Natascha Tello. “It is truly remarkable that we continue to experience such high sales levels despite the lack of housing supply in Miami-Dade County.”
While the number of new listings rose for condominiums, fewer single-family homes were listed in December than the previous year. The housing shortage in Miami-Dade County persists as active inventory remains below what is considered a balanced market.
In December, 1,306 single-family homes and 2,014 condominiums were listed, reflecting an 8.2 percent decrease and 3.9 percent increase respectively when compared to December 2011.
“The Miami real estate market needs more properties for sale to satisfy demand,” said 2013 MIAMI Association of REALTORS Residential President Fernando I. Martinez. “Given the strong demand and rising prices, it is a great time to sell a home in Miami. Sellers who have been waiting to sell, should seize the opportunity.”
Sellers Offering Few Discounts
Limited supply coupled with rising demand is yielding offers that are increasingly closer to asking price, as sellers offer fewer discounts. In December, single-family home and condominium sales received 94.2 percent and 96.2 percent respectively the averages of the original list price, compared to 91 percent and 94.6 percent in December 2011. The increase in percent of original list price received is an indication that rising demand is absorbing inventory more rapidly.
Nationally, the Pending Home Sales Index, a forward-looking indicator based on contract signings, fell 4.3 percent to 101.7 in December from 106.3 in November, according to the National Association of Realtors. The index is 6.9 percent higher than the 95.1 reported in December 2011.
Increased pending sales are an indication of increased future sales. A sale is listed as pending when a contract is signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.
*“Pended sales” are defined as only the sales that pended during a particular month.
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.