Miami Home Prices Increase in 1Q
The Miami real estate market continues to outperform the nation following a record sales year in 2011. Limited supply and heightened demand have fueled robust price appreciation in Miami-Dade County during the fi rst quarter of 2012, despite short sales and REOs (bankowned properties) continuing to account for a signifi cant percentage of closed home sales.
Median and Average Sales Prices
The median sales price for single-family homes in Miami- Dade County rose 14 percent to $174,799 in the fi rst quarter of 2012 compared to the same time last year, according to the 25,000- member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. The median sales price for condominiums was $129,500, a 38 percent increase year-over-year.
The average sales prices for single-family homes and condominiums increased 26 percent to $335,072 and 29 percent to $257,346, respectively, compared to last year.
Single-Family Homes Sales Rise
Miami-Dade residential sales – including existing single-family homes and condominiums – decreased a negligible one percent in the fi rst 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 percent compared to the first quarter of 2012. The sales of existing condominiums decreased four percent.
Inventory Levels and Months of Supply
Total housing inventory in Miami-Dade County decreased more than 35 percent yearover- year, from 19,186 listings to 12,379, and 13 percent compared to the previous quarter. Currently, there are 11,750 active listings in Miami- Dade County.
A top market for U.S. and international buyers, Miami is expected to experience strong housing demand long into the future due to several factors. Miami's unparalleled global appeal is fueling record tourism and visitor activity in addition to strong sales. Migrating U.S. residents and retiring baby boomers continue to yield signifi cant population growth. Further, international banking and business headquarters are increasingly lured by the local area's strategic location and favorable business environment.
miami herald
Median and Average Sales Prices
The median sales price for single-family homes in Miami- Dade County rose 14 percent to $174,799 in the fi rst quarter of 2012 compared to the same time last year, according to the 25,000- member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. The median sales price for condominiums was $129,500, a 38 percent increase year-over-year.
The average sales prices for single-family homes and condominiums increased 26 percent to $335,072 and 29 percent to $257,346, respectively, compared to last year.
Single-Family Homes Sales Rise
Miami-Dade residential sales – including existing single-family homes and condominiums – decreased a negligible one percent in the fi rst 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 percent compared to the first quarter of 2012. The sales of existing condominiums decreased four percent.
Inventory Levels and Months of Supply
Total housing inventory in Miami-Dade County decreased more than 35 percent yearover- year, from 19,186 listings to 12,379, and 13 percent compared to the previous quarter. Currently, there are 11,750 active listings in Miami- Dade County.
A top market for U.S. and international buyers, Miami is expected to experience strong housing demand long into the future due to several factors. Miami's unparalleled global appeal is fueling record tourism and visitor activity in addition to strong sales. Migrating U.S. residents and retiring baby boomers continue to yield signifi cant population growth. Further, international banking and business headquarters are increasingly lured by the local area's strategic location and favorable business environment.
miami herald
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