Accessibility Statement Skip Navigation
  • Why PRWeb
  • How It Works
  • Who Uses It
  • Pricing
  • Login
  • GDPR
  • Create a Free Account
Return to PRWeb homepage
  • News
  • Resources
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
  • Business & Money
      • Auto & Transportation

      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • View All Auto & Transportation

      • Business Technology

      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • View All Business Technology

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Financial Services & Investing

      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • View All Financial Services & Investing

      • General Business

      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • View All General Business

  • Science & Tech
      • Consumer Technology

      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • View All Consumer Technology

      • Energy & Natural Resources

      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • View All Energy & Natural Resources

      • Environ­ment

      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Health

      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • View All Health

      • Sports

      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • View All Sports

      • Travel

      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • View All People & Culture

  • Hamburger menu
  • Cision PRWeb provides efficient communication tools to continuously engage with target audiences across multiple online channels
  • Create a Free Account
    • ALL CONTACT INFO
    • Contact Us


      11AM ET Sunday – 8PM ET Friday

  • Send a Release
  • Sign up
  • Log in
  • Resources
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign up
  • Log in
  • Resources
  • RSS
  • GDPR
  • Send a Release
  • Sign up
  • Log in
  • Resources
  • RSS
  • GDPR
  • Send a Release
  • Sign up
  • Log in
  • Resources
  • RSS
  • GDPR

Miami Home Prices Continue to Increase in Q4
  • USA - English


News provided by

MIAMI Assocation of REALTORS

Feb 11, 2014, 18:40 ET

Share this article

Share toX

Share this article

Share toX

Liza Mendez, 2014 MIAMI Chairman of the Board
Liza Mendez, 2014 MIAMI Chairman of the Board

Miami, FL (PRWEB) February 11, 2014 -- The Miami real estate market continued to experience strengthening in the fourth quarter of 2013 as demand for local real estate continued to fuel double-digit price growth, according to the 31,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems.

While demand for Miami real estate continues to generate price appreciation, we are experiencing more moderate growth.

Post this

Median and Average Sales Prices Continue to Rise
In the fourth quarter, the median sales price for homes in Miami-Dade County was $235,000, an increase of 18.1 percent compared to last year. The median sales price for condominiums rose 12.9 percent to $175,000 in the fourth quarter compared to the second quarter of 2013. Fourth quarter price increases mark eight (8) consecutive quarters of growth for both single-family homes and condominiums.

“While demand for Miami real estate continues to generate price appreciation, we are experiencing more moderate growth,” said 2014 Chairman of the Board of the MIAMI Association of REALTORS Liza Mendez. “As more homeowners are listing their homes for sales, we are seeing a more balanced market that is good for both buyers and sellers. Home prices remain at 2004 levels, while substantial inventory is available in all price points, creating opportunities for all types of buyers.”

Compared to last year, the average sales prices for single-family homes and condominiums increased 2.7 percent to $401,996 and 4.6 percent to $316,767, respectively.

Nationally, the median sales price of existing single-family homes was $196,900 in the fourth quarter, up 10.1 percent from the third quarter of 2012. The national median sales price for condominiums was $197,200, a 10.7 percent increase over the previous year.

The statewide median sales price for single-family existing homes in the fourth quarter was $170,000, up 13.3 percent from the same quarter a year ago. The median sales price for condominiums in Florida was up 18.8 percent compared to the same quarter last year at $133,000.

Negligible Sales Decline for Condos
There were 7,298 homes and condos sold in Miami-Dade County during the fourth quarter of 2013, representing a negligible decline of 0.9 percent compared to the fourth quarter of 2012. Sales of single-family homes increased 0.1 percent to 3,182, while condominium sales declined 1.7percent to 4,116 compared with the same period in 2012.

“Sales remain strong as demand for Miami properties from both international and domestic buyers persists,” said 2014 MIAMI Association of REALTORS Residential President Francisco Angulo. “As a global city offering an exciting lifestyle, moderate year-round weather, and a healthy economy, Miami will continue to attract second home buyers, new residents, and new business enterprises long into the future, which will generate further demand for Miami real estate.”

Nationally, total existing-home sales, including single-family and condos, fell 7.8 percent to a seasonally adjusted annual rate of 4.30 million in the fourth quarter from 5.36 million in the third quarter, and were 0.8 percent above the 4.90 million pace during the fourth quarter of 2012, according to the National Association of Realtors.

Statewide closed sales of existing single-family homes totaled 54,845 in the fourth quarter, up 4.7 percent compared to the year-ago figure, according to the latest housing data release by Florida Realtors. Closed sales of condominiums totaled 24,538, down 2.1 percent compared to 2012.

The Miami Association’s initiatives to increase inventory and focus on assisting members to get more listings has made progress along with some additional distressed properties coming on the market. Home and condominium listings also grew by double digits in the fourth quarter. There were 5,548 new single-family home listings during the fourth quarter, a growth of 17.1 percent relative to the same period last year. New condominium listings increased 9.2 percent from 6,946 in the fourth quarter of 2012 to 7,585 this year.

Percentage of Cash Sales Declines
In the fourth quarter, 60 percent of closed sales were all cash compared to 63.3 percent a year ago. All cash sales were 45.4 percent of single-family home closings and 71.5 percent of all condominium sales. Since nearly 90 percent of foreign buyers pay cash, this reflects Miami’s position as a top market for foreign buyers. Miami has a significant percentage of international buyers, generating many more cash transactions than the national average.

Home Inventory Moving Rapidly Despite More New Listings
Homes were sold faster during the fourth quarter of 2013 compared to the previous year. The median duration of a home listing during the last quarter was 40 days compared to 41 days during the same period last year, a decrease of 2.4 percent. Similarly, the median days on the market for condominium listings were 47 days compared to 46 last year, a 2.2 percent decrease compared to the fourth quarter of 2013.

In 2013, MIAMI launched a campaign to encourage homeowners to sell and provide much needed supply to the local market. Fourth quarter active listings in Miami-Dade County totaled 15,963, representing an increase of 24.3 percent. This reflects the success of the MIAMI campaign to achieve a more balanced market between buyers and sellers. At the current sales pace, current inventory represents 5.6 months of inventory for single-family homes and 7.0 for condominiums. Compared to the fourth quarter of 2013, months supply of inventory for single-family homes and condominiums increased 6.4 percent and 21.6 percent respectively. A balanced market between buyers and sellers offers between six and nine months supply of inventory.

4Q Miami-Dade Statistical Reports – go to SFMarketIntel.com.

Note: Statistics in this news release may vary depending on reporting dates. 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.

Lynda Fernandez, MIAMI Assocation of REALTORS, http://www.miamire.com, +1 (305) 468-7040, [email protected]

Modal title

Francisco Angulo
Francisco Angulo
Francisco Angulo

Contact PRWeb

  • 11AM ET Sunday – 8PM ET Friday
  • Contact Us

About PRWeb

  • About PRWeb
  • Partners
  • Partnership Programs
  • Editorial Guidelines
  • Resources

Why PRWeb

  • Why PRWeb
  • How It Works
  • Who Uses It
  • Pricing

Accounts

  • Create a Free Account
  • Log in
  • Contact Us

Do not sell or share my personal information:

  • Submit via [email protected] 
  • Call Privacy toll-free: 877-297-8921

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Center
  • ProfNet
Cision Distribution Helpline
888-776-0942
  • Legal
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2025 Cision US Inc.