The Miami Real Estate Market is making a comeback. Strong demand from buyers, coupled with low inventory, has created the perfect conditions for bidding wars and a transition into a seller’s market.
In Miami-Dade, home prices continued to move up 30 percent for condos to $150,000, and 8.2 percent for single-family homes to $183,000 - this according to figures released last Tuesday by the Miami Association of Realtors (MAR) comparing current trends to data from one year ago.
Miami Realtors say the inventory of residential listings has decreased 34 percent in the past year in Miami-Dade, from 17,897 to 11,878. It continues to decrease in 2012, representing a 4 percent decline since March – this also according to MAR.
Due to these conditions, it’s not uncommon for real estate agents in Miami to list a home one day and receive multiple offers the next. And the offers being received are the not the low-ball offers we’ve been hearing about in prior years. Buyers are losing their leverage due to the inventory shortage, making offers more competitive and above list price at times.
Meanwhile, distressed properties still make up a large number of sales.
In April, 47 percent of all closed residential sales in Miami-Dade were distressed, including REOs (bank-owned properties) and short sales – this compared to 59 percent in April 2011, and 49 percent in March 2012.
There are still many distressed properties in the backlog that will be gradually released onto the market, however, these homes will probably be sold online.
From a statewide perspective - median sales prices in April increased 10.2 percent to $144,350 for single-family homes and 16.1 percent to $108,000 for condos, according to the Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. The national median price for existing sales of all housing types was $177,400 in April 2012, a 10.1 percent increase from one year ago.
If you would like to sell a home in Miami or search for homes in Miami, contact Frances Khawly and the Khawly Team – Miami’s Real Estate Specialists. With over 25 real estate certifications, a full-time team of knowledgeable professionals and hundreds of happy clients, you can trust that the sale or purchase of your Miami home is in good hands.