Strong demand and a limited supply is boosting prices of homes in Miami which is continuing to lead a revival in the US residential property market.
The median sales price for single family homes in Miami Dade County rose 4% to $185,000 in the second quarter of 2012 compared to the second quarter of 2011, and 6% compared to the first quarter of 2012, the latest data from the Miami Association of Realtors shows.
And the median sales price for condominiums was $153,000, an increase of 28% year on year and 18% compared to the previous quarter.
The data also shows that year on year the average sales prices for single family homes and condominiums increased 10% to $345,191 and 22% to $254,045, respectively.
‘Limited supply of single family homes and condominiums is resulting in robust price appreciation, reflecting the demand that persists for Miami real estate,’ said Martha Pomares, chairman of the board of the Miami Association of Realtors.
‘Miami is a very unique real estate market, attracting both US and international buyers unlike any other market in the country. Such appeal will continue to support local market strengthening long into the future,’ she added.
Miami Association of Realtors residential president Patricia Delinois said that 2011 was a record breaking year and 2012 is set to follow on with continued strong growth.
‘We are seeing multiple offers for many properties, which are taking considerably less time to sell. Still many qualified buyers are being denied the dream of home ownership due to unnecessarily tight mortgage underwriting standards,’ she explained.
Total housing inventory in Miami-Dade County decreased 28% year on year and 6.1% compared to the previous quarter. Currently, there are 11,497 active listings in Miami-Dade County.