Record demand for Miami properties has caused inventory to rapidly decline, resulting in limited supply. Now home prices in Miami are significantly rising and sooner than expected.
(PRWEB) March 19, 2012
There's good reason why Miami is on people's list for the top recovering real estate markets, including the Homes.org Top 9 Real Estate Markets to Watch in 2012. The most recent numbers suggest that the Miami real estate market is on the mend and 2012 will build on the momentum that began in 2011.
"Never before in history had we sold as many homes in Miami as we did last year. . . there are fewer properties available to sell, and it will be difficult to match the record set last year," explained Patricia Delinois, Residential President of the MIAMI Association of REALTORS.
While that might sound like a bad thing it's welcome news to Miami real estate agents.
The declining inventory in January, which is down 37% since the same time last year, is indicative of increased interest. Chairman of the Board of MIAMI Association of Realtors, Martha Pomares explained, "record demand for Miami properties has caused inventory to rapidly decline, resulting in limited supply. Now home prices in Miami are significantly rising and sooner than expected."
Unlike other areas of the country, international buyers that purchase with cash are a big part of Miami's recent recovery. Read on to see specific sales figures and reporting for the Miami real estate market.
Miami Real Estate Market Latest Information and Statistics
Counties: Miami-Dade County
Zip Codes in the City: 33010-33299
Population (City): 399,457
Population (Metro): 5,547,051
Total Households(2006-2010): 7,152,844
Median Home Value (2006-2010): $205,600
January 2012 Average Sale Price for Single-family homes in the Miami-Dade area: $334,952
January 2012 Average Sale Price for Condos in the Miami-Dade area: $248,443
January 2012 Median Sale Price for Single-family Homes in the Miami Metro area: $170,000
January 2012 Median Sale Price for Condos in the Miami Metro area: $122,500
January 2012 Homes Sales in the Miami Metro area:
- Single Family - 659
- Townhouse/Condos - 1,058
Foreclosures (Miami-Dade County): 1 in 265
Renters vs. Owners: 30.3% vs 69.7%
Type of Home:
9% Single Family
Popular Miami Neighborhoods Seeing Improvement in Sales
- Coral Way
- North / East Coconut Grove
- South / West Coconut Grove
- Wynwood / Edgewater
To learn more about real estate in Miami, FL or to search for Florida home listings in other cities, please visit: Homes.org
Homes.org is a fast growing real estate search portal that offers users much more than MLS listings. Homes.org gives users access to a rich collection of resources, including but not limited to, real estate listings, home owner finance tools and home service tools. Homes.org brings buyers, sellers and renters important information about the current markets and intelligent tools by partnering with real estate professionals from around the country. Homes.org is a subsidiary of Star Nine Ventures, Inc. headquartered in Austin, TX.
About Star Nine Ventures®
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