The performance of the Miami residential real estate market continues to create opportunities for sellers, as limited supply and strong demand consistently yield significant price appreciation, according to agents.
The median sales price for single family homes in Miami-Dade County rose 5.06% to $189,000 in the third quarter of 2012 compared to the third quarter of 2011, up 2.2% compared to the second quarter of 2012.
The median sales price for condominiums was $145,000, an increase of 28% year on year, the data from the Miami Association of Realtors show.
‘The Miami real estate market continues to perform remarkably well despite the shortage of housing inventory that is limiting potential sales,’ said Martha Pomares, chairman of the Miami Association of Realtors.
‘Such performance is reflective of the strong demand being fuelled by both US and international buyers. Buyer interest will continue to positively impact our market long into the future,’ she added.
Year on year, the average sales prices for single family homes and condominiums increased 6.2% to $347,716 and 19.3% to $276,883, respectively, the data also shows.
Nationally, the median sales price of existing single family homes was $186,100 in the third quarter, up 7.6% from the third quarter of 2011, according to the National Association of Realtors. The national median sales price for condominiums was $180,800, a 7.7% increase over the previous year.
Sales are keeping pace with record levels seen in 2011. Miami-Dade residential sales increased 0.61% in the third quarter compared to a year earlier. Single family homes sales increased 0.07% compared to a year earlier and condominium sales increased 1% compared to the third quarter of 2011.
Nationally, total existing home sales rose 3.2% to a seasonally adjusted annual rate of 4.68 million in the third quarter from 4.54 million in the second quarter, but were 10.3% above the 4.25 million pace during the third quarter of 2011.
‘Home owners in the Miami real estate market who have been waiting to sell should seize the opportunity and list their properties for sale,’ said Miami Association of Realtors residential president Patricia Delinois.
‘In Miami, we have experienced consistent double digit price appreciation for more than 10 months, which means those who sell now will see considerably higher returns than they would have a year ago, particularly for condominiums,’ she added.
Total housing inventory in Miami-Dade County decreased 23.5% year on year and 0.2% compared to the previous quarter. Currently, there are 11,598 active listings in Miami-Dade County.