Demand and lack of supply fuels robust property prices increases in Miami
A limited supply of properties for sale and heightened demand fuelled robust price rises in Miami in the first quarter of 2012, the latest figures show.
The median sales price for single family homes in Miami-Dade County rose 14% to $174,799 in the first quarter of 2012 compared to the first quarter of 2011, according to the Miami Association of Realtors and the local Multiple Listing Service (MLS) systems.
The median sales price for condominiums was $129,500, a 38% increase year on year, the figures also show.
‘In the first quarter we have seen further decline of housing inventory in Miami-Dade County coupled with consistent and significant price appreciation,’ said Martha Pomares, chairman of the board of the Miami Association of Realtors.
‘Record home sales, which were greatly boosted by foreign buyers and investors, in Miami-Dade County have further strengthened the local real estate market and economy,’ she added.
Miami-Dade residential sales, including existing single family homes and condominiums, decreased a negligible 1% in the first quarter of 2012, from 5,910 to 5,869, compared to a year earlier.
Following a record breaking year in 2011, sales in Miami remain at historically strong levels despite the slight decline. In the first quarter, Miami sales of existing single family homes increased 4.1% compared to a year earlier. The sales of existing condominiums decreased 4% compared to the first quarter of 2011.
‘While we are fortunate to have seen such a rapid and robust recovery in Miami, loosening unnecessarily tight credit conditions would further benefit our market,’ said Patricia Delinois, residential president of the Miami Association of Realtors.
‘Considering that we are seeing consumer confidence, job creation, and the economy improve, Miami is poised for growth that will positively impact the local real estate market long into the future, particularly if qualified buyers are able to purchase homes,’ she added.