Miami property market sees rising sales and prices after second record year

The Miami residential real estate market had a second record year in 2012 with prices rising for 14 months in a row.

It has started 2013 strong with rising sales and prices amid limited supply, according to the 25,000 member Miami Association of Realtors.

Miami-Dade County residential sales increased 7.5% in January compared to a year earlier. The sales of existing single family homes were up 19.1% and sales existing condominiums increased 0.3% year on year.

‘The consistent strengthening and improvement of the Miami real estate market is generating much excitement and attention both domestically and internationally,’ said Natascha Tello, chairman of the board of the Miami Association of Realtors.

‘We expect prices to continue to rise as a result of the significant demand that currently exists for both sales and rentals. While more new listings are coming on the market, there still is insufficient supply to satisfy consumer demand and significant fewer new listings in the lower price ranges,’ she added.

In Florida as a whole sales of existing single family homes were up 11.7% compared to a year ago while condominium sales were up 2% from January 2012. Nationally, sales of existing single family homes, town homes, condominiums, and co-ops rose 0.4% from December and were 9.1% higher than they were in January 2012.

The median sales price of Miami-Dade condominiums, which has increased each of the last 19 months, rose 24.1% to $155,000 compared to a year earlier and decreased 4.9% compared to the previous month.
The median sales price of single family homes rose 14.8% to $194,000 year on year and decreased 9.4% compared to the previous month.

The average sales price for single family homes in Miami-Dade County decreased 2.4% to $308,978 and the average sales price for condominiums increased 17.2% to $290,378.

Statewide median sales prices in January increased 12.4% to $145,000 for single family homes and 18% to $112,000 for condominiums. The national median existing home price for all housing types was $173,600 in January, a 12.3% increase from January 2012, according to the National Association of Realtors (NAR).

‘The current robust performance of the Miami market is not only driving prices but also creating a seller’s market,’ said Miami Association of Realtors residential president Fernando  Martinez.

‘Properties that are priced right are selling very rapidly and generating multiple offers. There are still good opportunities available, but buyers need to be more focused. Sellers who have been hesitant to put properties on the market should consider doing so now. More listings are definitely needed to satisfy demand,’ he explained.