Miami Housing Market Continues Winning Ways, Prices Rise 14 Consecutive Months. According to the Miami Association of Realtors, following the second consecutive record sales year, the Miami real estate market started 2013 strong with rising sales and prices amid limited supply.
Miami-Dade County residential sales increased 7.5 percent in January compared to a year earlier. The sales of existing single-family homes in Miami-Dade increased 19.1 percent, from 691 to 823. Sales of existing condominiums increased 0.3 percent, from 1,121 to 1,124, year-over-year.
“The consistent strengthening and improvement of the Miami real estate market is generating much excitement and attention both domestically and internationally,” said 2013 Chairman of the Board of the Miami Association of Realtors Natascha Tello. “We expect prices to continue to rise as a result of the significant demand that currently exists for both sales and rentals. While more new listings are coming on the market, there still is insufficient supply to satisfy consumer demand and significant fewer new listings in the lower price ranges.”
Statewide sales of existing single-family homes totaled 13,679 in January, up 11.7 percent compared to a year ago, according to the latest data released by Florida Realtors. Statewide condominium sales totaled 6,670, up 2.0 percent from January 2012. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops rose 0.4 percent from December and were 9.1 percent higher than they were in January 2012, according to the National Association of Realtors.
By Michael Gerrity, World Property Channel on February 22, 2013 9:53 AM
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