Prices continue to rise due to limited supply and strong demand
Residential property prices in Miami posted strong gains in April for the fifth consecutive month, according to the latest data from the Miami Association of Realtors.
The median sales price of condominiums increased 30% to $150,000 compared to a year earlier and the median sales price of single family homes rose 8.2% to $183,000.
The data also shows that the median sales prices for non-distressed properties sold in April in Miami were $253,400 for single family homes and $246,250 for condominiums.
‘Miami single family home and condominium prices continue to trend upwards due to the record demand experienced last year,’ said Martha Pomares, chairman of the board of the Miami Association of Realtors.
‘Price appreciation should continue due to limited supply and strong demand from both US and international buyers and investors,’ she added.
In Florida overall median sales prices in April increased 10.2% to $$144,350 for condominiums and 16.1% to $108,000 for single family homes, according to data from Florida Realtors Industry Data and Analysis. Nationally median existing home price for all housing types was $177,400 in April, a 10.1% increase from April 2011.
The April average sales price for single family homes in Miami-Dade County increased 17% from $355,342 in 2011 to $415,046 in 2012. The average sales prices for condominiums jumped 22.3% from $242,616 to $293,717. The average sales prices for non-distressed properties sold in April in Miami-Dade were $626,877 for single family homes and $414,664 for condominiums.
The sales of existing single family homes in Miami-Dade increased 7.2% in April but sales of condominiums were down 12% compared to April 2011.
State wide sales of existing single family homes were down 0.7% compared to a year ago. Condominium sales were down 4.9%.
Nationally, sales of existing single family homes, town homes, condominiums, and co-ops increased 3.4% from March and were 10% higher than they were in April 2011, according to the National Association of Realtors (NAR).
‘The Miami residential real estate market continues to show remarkable strengthening compared to the rest of the nation,’ said Miami Association of Realtors residential president Patricia Delinois.
‘Miami is unique in many ways, including being the top market in nation for foreign buyers and investors. There are many benefits to living and working in Miami, which is why migrating US residents and retiring baby boomers as well as vacation and second home buyers, and global business headquarters are increasingly attracted to our amazing city,’ she explained.
International buyers continue to be a strong presence in the Miami real estate market. Some 64% of total closed sales in March were all cash sales. They accounted for 46% of single family and 77% of condominium closings. Nearly 90% of international buyers in Florida purchase properties for cash.