Reported continued rapid growth in both prices and sales in Miami’s real estate market continues. According to the Miami Association of Realtors, January ended with a rise in home sales of 7.5% compared to that of January 2011. This makes for the 14th straight month in an increase of home prices. According to experts the market growth results from interested domestic and International buyers, and a decline in inventory, driving home values up, and turning the market into a seller’s market.
Miami’s real estate market began 2013 in a strong position- home values rising, and supply of properties limited.
In January sales of existing family homes were up 19.1% and a 03% increase was recorded for existing condominium sales.
Miami real estate has long drawn an interest to domestic and International buyers, and recently it has generated even more excitement. The demand is high which should result in a continued increase in prices. Overall, there are more buyers than sellers, and a significant fewer number of new listings in the lower price ranges. In areas such as Miami Beach there is no vacant beachfront property left to build, has also brought the trend to buy, tear it down, and rebuild.
An increase of 11.7 percent was recorded in January 2013 for Florida State as well as a 2 percent increase for condominium sales, as opposed to January 2012. Across the nation, sales of co-ops, condominiums, town homes, and single family homes rose 9.4 percent from December and a rise of 9.1 percent was reported from that of January 2012. Miami-Dade condominiums median sales price jumped to $155K, a 24.1 percent year over year increase, but when compared to the previous month a 4.9 percent decrease was reported.
As for single family homes, the median sales price rose to $194K, an increase of 14.8 percent from the previous year, and a decline of 9.4 percent from the previous month.
Miami-Dade County single family home average sales price decreased to $308,978- a 2.4 percent. As for condominiums, the average sales price increased to $290,378- a 17.2 percent increase.
According to the National Association of Realtors, across the nation January single family sales prices increased from 12. 4 percent to $145K and for condominiums, 18 percent to $112K. The national median existing home price for all housing types as of January was $173,600 which records a 12.3 percent increase from the previous year.
Miami real estate is considered to be among the nation’s “hot” real estate markets. The market is currently a seller’s market, which makes of more interest domestically and internationally.
Properties that are properly priced are selling quickly, with sellers receiving multiple offers. Good real estate opportunities are still out there, but buyers need to be tuned in.