World property Channel just
summarized for us the latest report of the Miami Association of Realtors. No surprises in the report but it certainly
provides us with a more detailed information of today’s market condition.
The median sales price for a
single-family home in Miami was up 25.1 percent in March from a year earlier,
the largest year-over-year price increase since 2005, according to data
released today by the Miami Association of Realtors.
Prices for condominiums, which
have rallied steadily for 21 consecutive months, were 19.3 percent higher in
March than a year ago.
The median price for a single
family home in Miami in March was $225,000, 16 percent higher than February.
Condominiums sold for a median price of $167,000, which is 1.2 percent higher
than the previous month.
"The Miami real estate
market is experiencing comprehensive strengthening fueled by robust demand and
limited supply," said Natascha Tello, chairman of the board of the Miami
Association of Realtors, in a press release. "The local market has
seen consistent double-digit appreciation for a significant number of months
while inventory declines in every price point, reflecting the demand that
exists for all types of Miami properties."
More points from the report:
•
Miami-Dade County residential
sales increased 2.7 percent in March compared to record sales levels a year
earlier.
•
Active listings at the end of
March dropped 5.0 percent compared to a year earlier, "when the market was
already experiencing a housing shortage."
•
Sixty-four percent of total
closed sales in Miami-Dade March were all-cash sales, compared to 66.4 percent
in March, 2012. "Since nearly 90 percent of foreign buyers in Florida
purchase properties all cash, this reflects the much stronger presence of
international buyers in the Miami real estate market," MAR concludes.
"Strong demand for
bank-owned (REO) properties and improved processing of short sales continues to
yield absorption of distressed listings and to contribute to price appreciation."
Sales of distressed properties accounted for 41 percent of all closed
residential sales in Miami-Dade County, including REOs (bank-owned properties)
and short sales, compared to 49 percent in March, 2012.
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