Miami Real Estate Prices Continue To Increase

Miami Real Estate Prices Rapidly Going Up

Miami and Miami Beach Real Estate

Miami real estate prices keep on going steadily and rapidly up. The average sales price for single-family homes in Miami-Dade County increased 30.3 percent to $389,368.

The Miami real estate market continued to strengthen in March 2013, as sales continued to increase despite limited inventory, according to the MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system. Strong international demand for Miami real estate, coupled with dwindling supply continues to fuel significant price appreciation.

It did not come as a surprise that Miami-Dade County residential sales increased a significant 6.9 percent in March compared to a year earlier. The sales of existing Miami single-family homes increased 6.8 percent. Sales of existing Miami condominiums increased 6.3 percent year-over-year.

Demand for housing in Miami

Both, foreign and domestic buyers continue to deplete local inventory and to drive significant price appreciation. Miami remains the top market for net migration from other states in addition to being the top market in the nation for foreign buyers. Miami real estate experts agree that such demand will continue to strengthen Miami real estate market long into the future.

Miami home prices rose again in March, marking 16 consecutive months of appreciation for bothMiami single-family homes for sale and Miami condos for sale. The median sales price ofMiami-Dade condos for sale, which has continuously increased each of the last 19 months, rose 26.9 percent compared to a year earlier and 6.5 percent compared to the previous month. The median sales price of Miami single-family homes rose 10.9 percent year-over-year and remained the same compared to the previous month.

The average sales price for single-family homes in Miami-Dade County increased 30.3 percent to $389,368. The average sales price for Miami condominiums increased 14.7 percent to $304,472.

Miami residential real estate, particularly Miami homes and condominiums listed in the lower price ranges below $200,000 are declining very rapidly and by a higher percentage margin than that of properties in higher price ranges. Miami has also experienced an increase in luxury home sales for properties listed above $600,000.

Active listings at the end of February were 8.1 percent below what they were in February 2012, when the market was already experiencing a housing shortage. Inventory of single-family homes dropped 10.2 percent, while that of condominiums decreased 6.6 percent.

Housing inventory in Miami depleted

Housing Inventory in Miami Dade and Broward continues to shrink: average of 3 months, 50% below the nation’s average of 6.4 months!

Total housing inventory nationally decreased 9.6 percent at the end of February and was 19.2 percent below year-ago levels, representing a 6.4-month supply, compared to Miami- Dade: 3.7 months for condos and 4 months single family homes and in Broward county: 3 months condos and 3 months single family homes, 50% below the national average!

Miami cash sales reflect significant presence of international buyers

In Miami – Dade County, 66.8 percent of total closed sales in March were all-cash sales, compared to 65.5 percent in February 2013 and 64.7 percent the previous month. Cash sales accounted for 49.6 percent of single-family, a 16.0 percent increase over previous year, and 78.1 percent of condominium closings, and increase of 4.8 percent over previous year. Nearly 90 percent of all foreign buyers in Florida purchase properties all cash. This reflects the much stronger presence of international buyers in the Miami real estate market, double by comparison to all-cash sales nationally accounted for only 32 percent of transactions in February, up from 28 percent the previous month and down from 31 percent in February 2012.

Is it the time to buy real estate in Miami, or you have missed the opportunity?

The following has never been truer: There are only two times in life: NOW and TOO LATE!

As always, if you are serious about real estate, I am serious in helping you!

Kate Smith | 786.412.8510 |
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