Miami Condo Inventory Still Insufficient to Satisfy Demand

Miami Condo Inventory Slightly Rises, Remains Insufficient to Satisfy Demand Sales figures for May show more homeowners are listing properties for sale in Miami-Dade County, but strong demand for properties in all price ranges and limited low end supply continue to drive prices, according to the 27,000- member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system.  

Single-family home sales surged 18.5 this May compared to May 2012. Condominium sales increased 3.9 percent compared to last year's figures.  May's sales performance marks 18 consecutive months of appreciation for both single-family homes and condominiums. The median sales price of single-family homes increased 16.8 percent to $222,000 year-over-year but decreased a negligible 1.3 percent compared to the previous month.

The median sales price of condominiums, which has significantly increased each of the last 23 months, rose 20 percent to $180,000 compared to a year earlier and 2.9 percent compared to the previous month.

More New Listings Necessary to Satisfy Demand
Active listings at the end of May increased 3.4 percent, from 12,611 to 13,042, compared to May 2012, when the market was experiencing a housing shortage. Despite the slight increase due to more new listings coming on the market, current active inventory remains insufficient to satisfy the intense demand for Miami properties.

Inventory of single-family homes decreased 2.5 percent, while that of condominiums increased 7.4 percent. At the current sales pace, there is 5 months of supply of single-family homes and 5.8 months of supply of condominiums in Miami-Dade, representing a decrease of 13.4 and an increase of 0.2 percent respectively compared to year-ago levels.

Fewer Distressed Sales Result in Rising Prices
Sales of distressed properties continue to sharply decline in Miami-Dade County, as prices for both REOs and short sales also rose significantly. In May, only 37 percent of all closed residential sales in Miami-Dade County were distressed, including REOs (bank-owned properties) and short sales, compared to 46 percent in May 2012. *Source: Miami Association of Realtors.

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