Miami Market Performance Varies Greatly for Different Price PointsSales above $150k Continue Double-Digit Rise
Miami, FL (PRWEB) January 14, 2014 -- An analysis of Miami-Dade market metrics by price range reflects market performance for properties under $100,000 down significantly from that of higher price points, according to a new report from the 31,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system.
In particular, closed sales and new listings for properties priced below $100,000 experienced sharp declines. Existing inventory only decreased for condominiums listed for less than $50,000 and single-family homes listed for less than $100,000.
Surge in New Listings
“Strong growth in listings is a sign that Miami homeowners are realizing it is a good time to sell,” said 2014 Chairman of the Board of the MIAMI Association of REALTORS Liza Mendez.
According to the report, new listings of single-family homes experienced an impressive increase of 11.4 percent to 1,754 listings in November 2013 from 1,575 during the same period in 2012. Meanwhile, condominium listings also saw overall solid growth in November at 1.9 percent to 2,416 listings compared to 2,372 in 2012.
Mendez added: “The increase in new listings is a reflection that many homeowners are aware of rising values and the robust performance of the Miami real estate market over the last three years. Due to consistent price appreciation, many homeowners have recovered equity lost during the boom and are now able or more willing to sell and profit.”
Fortunately, due to increased sales in higher price points, new listings are also increasing in these market sectors.
Single-family homes ranging from $600,000 to $999,999 accounted for 8 percent of all new listings and saw an impressive increase of 58.2 percent relative to 2012 figures.
Similarly, 11 percent of new single-family home listings ranged from $400,000 to $599,999. The 187 single-family homes listed at this price-point grew 53.3 percent relative to the prior year. The 203 single-family homes listed in November at $250,000 to $299,999 saw a growth of 42 percent compared to the same period in 2012. However, new single-family home listings priced below $100,000 declined 24.3 percent compared to the previous year.
Condominium listings were also strong in November. Of the 2,416 condominiums listed during the month, 12 percent (298) were listed at $300,000 to $399,999 and saw a double-digit growth of 45.8 percent. Further, there were 234 new listings of condominiums priced at over $1 million, a striking increase of 34.5 percent relative to last year’s figures at that range. In addition, more modestly priced condominium listings also saw strong growth. There were 394 listings of condominiums priced $100,000 to $149,999, an improvement of 15.2 percent from the prior year. Similarly, the 309 condominiums priced $150,000 to $199,999 also saw double-digit growth, increasing by 12.4 percent relative to the prior year. New condominium listings priced below $100,000 declined 35 percent.
Continued Growth in Sales of Homes and Condos
While there was a slight decline of 2.4 percent in the overall sales of single-family homes last November, there were double-digit sales increases across various price points. Generally, only sales for single-family homes below $150,000 experienced declines compared to the previous year. Sales for homes above $1 million experienced a negligible decrease of 1.6 percent.
Of the 982 single-family homes sold in November, 131 (13 percent) were in the $300,000-$399,999 price-point, a robust growth of 39.4 percent when compared to year-ago figures.
In addition, there was a significant increase in the sales of single-family homes valued between $400,000 to $599,999 where there were 92 sold at that price-point, an increase of 22.7 percent from the prior year’s figures. Further, the 126 single-family homes sold at a price-point of $200,000 to $249,999 represented a striking growth of 14.5 percent from November 2012.
“While sales of condos and homes in Miami are strong and fueling appreciation, there is still inventory in all price ranges, including affordable properties for buyers looking for value” said 2014 MIAMI Association of REALTORS Residential President Francisco Angulo.
Meanwhile, overall sales of condominiums also saw a modest decline of 6.3 percent when compared to the prior year but remained strong in comparison to historical trends. The reason for the decline in sales can be attributed mostly to sharp decreases for properties listed below $100,000, which dropped 45% compared to the previous year.
Sales for condominiums between $100,000 and $149,999 surged 39%, while sales for all properties above $150,000 increased 14%. Twenty percent (260) of the 1,274 condominiums sold in November ranged from $100,000 to $149,990.
There were 115 condominiums sold at the $400,000 to $599,999 price-point, a striking growth of 32.2 percent from the same period in 2012. There were 114 condominiums sold ranging from $300,000 to $399,999 which accounted for a strong growth of 15.2 relative to November 2012. Similarly, the 126 condominiums sold at $200,000 to $249,999 also saw a noteworthy 14.5 percent double-digit growth from the previous year.
Substantial Inventory in Majority of Price Ranges
Despite strong demand, available inventory is increasing in most price ranges for both single-family homes and condominiums. The only declines in inventory in November where for single-family homes listed for less than $100,000 (14%) and for condominiums listed below $50,000 (11%). This reflects the success of the Miami Association of Realtors campaign to encourage homeowners to sell during the severe housing shortage we experienced in in 2012 and 2013. More inventory creates a more balanced market between buyers and sellers.
For Miami-Dade Statistical Reports, go to SFMarketIntel.com.
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 94 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of five organizations, the Residential Association, the Realtors Commercial Alliance, the Broward County Board of Governors, the YPN Council and the award-winning International Council, it represents more than 31,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S., and has official partnerships with more than 115 international organizations worldwide. MIAMI’s official website is http://www.miamire.com.
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Lynda Fernandez, MIAMI Assocation of REALTORS, http://www.miamire.com, +1 (305) 468-7040, [email protected]
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