Great News for Condo Owners: Over a Year of Price Growth in Miami

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The Miami Beach Condo Journal released its Sales Story of the Week, following news from the Miami Association of Realtors that the median sales price for condominiums in Miami-Dade County has risen for the last thirteen months, amounting to a 15.2% increase.

The Miami Beach Condo Journal chose news from the Miami Association of Realtors as its Sales Story of the Week today. According to the World Property Channel, the MAR released data last month showing that the median sales price for condos in Miami-Dade County has increased each month since July of last year. The median price currently stands at $135,905; that’s a 15.2% increase from July of 2011. The average sales price is also on the upswing; the data shows an average of just below $273,000, increasing about 8 percent in just the month of July.     This news comes on the heels of more good news, published last week that single-family home prices in South Florida are up 4.4% from last year.

The report from MAR also states that single-family home and condo sales are up.
In July, 17,420 single-family homes were sold statewide, 9.8% more than were sold in July 2011; statewide condo sales totaled 7,779, a 2.8% increase since last year. South Beach condos are also selling in higher numbers; residential sales in Miami are up 11 percent from last year. Single-family homes in Miami are selling in smaller numbers, only 919 units having sold in July of this year; but even that represents a 5.3% increase from July of 2011.

Realtors of St. Regis Miami condos have been celebrating this news as a sign that the Miami Beach economy is improving, and they’ve been looking for reasons why it’s happening now. The biggest factor in the price increase seems to be a decrease in inventory. Last year, there were 15,727 residential listings in Miami-Dade Country; this month, that number is below 11,500. That’s a 27 percent decrease in available listings, although the July inventory was 2 percent higher than the June inventory. The decreased inventory isn’t a problem yet, though -- Miami has about 4.4 months worth of residential listings still on the market.

Miami realtors are particularly excited about the condo market’s performance. Particularly as international buyers come to Miami in greater numbers, experts are forecasting that the single-family and condo markets in South Florida will continue to grow. "The condominium market in particular is performing quite well,” said MAR Chairman of the Board Martha Pomares. “This trend is expected to continue long into the future, as Miami enjoys its status as a major global city."

The Miami Beach Condo Journal announced its Sales Story of the Week, after the Miami Association of Realtors released data showing big price increases for condos and single-family homes in Miami-Dade since last year. The median price, average price, and rate of condo sales are all up since July of 2011, and the growth of the market is expected to continue. A decreased inventory is likely helping to drive the prices up, as Miami has almost 30 percent fewer listings than July 2012.

Miami Beach Condo Journal is an online publication which reports on Florida housing and real estate.

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