Miami Home Prices Have Increased Steadily

Facts speak for themselves. Miami home prices have kept climbing steadily during the last year. Rich Burch, president of the South Florida School of Real Estate confirms that Miami home prices have increased each of the last 12 months as a result of strong demand and very tight supply, according to the 25,000-member MIAMI Association ofREALTORS and the local Multiple Listing Service (MLS) system. Despite very limited inventory, Miami-Dade County residential sales surged 23 percent in November compared to a year earlier. The sales of existing condominiums in Miami-Dade increased 19.8 percent, from 1,139 to 1,365. Sales of single-family homes increased 26.2 percent, from 802 to 1,012, year-over-year.                                                                                                             “It appears the Miami real estate market will set another record in 2012, exceeding sales levels at the height of the boom in 2005 and during the all-time record in 2011,” said 2012 Chairman of the Board of the MIAMI Association of REALTORS Martha Pomares. “Considering the shortage of housing inventory available, it is remarkable that sales remain this strong. Thisrecord demand coupled with extremely limited supply is driving strong and consistent price appreciation.”

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