Miami’s Record-Setting Residential Sales Pace Continued Q4 Surge. According to the Miami Association of Realtors, Miami-Dade County residential real estate market experienced record sales activity in the fourth quarter of 2012, continuing to fuel limited housing supply and double-digit price appreciation.
Median and Average Sales Prices
The median sales price for single-family homes in Miami-Dade County rose 13.7 percent to $199,000 in the fourth quarter of 2012 compared to the third quarter of 2011, and 5.3 percent compared to the third quarter of 2012. The median sales price for condominiums was $155,000, an increase of 27 percent year-over-year and 6.9 percent compared to the previous quarter.
“Both U.S. and international buyers continue to boost strong sales in the Miami real estate market,” said 2013 Chairman of the Board of the Miami Association of Realtors Natascha Tello. “Sales growth is significant and is exceeding record levels. We are experiencing continued growth as evidenced by high occupancy rates in Downtown Miami and by the strength of the local rental market. Properties are not just selling; they are satisfying evident housing demand.”
Year-over-year, the average sales prices for single-family homes and condominiums increased 25.9 percent to $391,446 and 25.0 percent to $302,975, respectively.
Nationally, the median sales price of existing single-family homes was $178,900 in the fourth quarter, up 10.0 percent from the fourth quarter of 2011, according to the National Association of Realtors. The national median sales price for condominiums was $179,900, a 12.2 percent increase over the previous year.
Home Sales Exceed Record Levels
Miami-Dade residential sales – including existing single-family homes and condominiums – increased a significant 20 percent in the fourth quarter, from 6,132 to 7,365, compared to a year earlier. Following a record-breaking year in 2011, sales in Miami continue to increase despite an inventory shortage. In the fourth quarter, Miami sales of existing single-family homes increased 14.6 percent compared to a year earlier. The sales of existing condominiums increased one percent compared to the third quarter of 2011.
By Michael Gerrity, World Property Channel on February 13, 2013 9:00 AM
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