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Michael Jalil's Blog

By Michael Jalil | Agent in 33027

A Great time to List you Home? Yes and here is Why.

The Miami residential real estate market had a second record year in 2012 with prices rising for 14 months in a row.

It has started 2013 strong with rising sales and prices amid limited supply, according to the 25,000 member Miami Association of Realtors.

Miami-Dade County residential sales increased 7.5% in January compared to a year earlier. The sales of existing single family homes were up 19.1% and sales existing condominiums increased 0.3% year on year.

In Florida as a whole sales of existing single family homes were up 11.7% compared to a year ago while condominium sales were up 2% from January 2012. Nationally, sales of existing single family homes, town homes, condominiums, and co-ops rose 0.4% from December and were 9.1% higher than they were in January 2012.

The median sales price of single family homes rose 14.8% to $194,000 year on year and decreased 9.4% compared to the previous month.

Statewide median sales prices in January increased 12.4% to $145,000 for single family homes and 18% to $112,000 for condominiums. The national median existing home price for all housing types was $173,600 in January, a 12.3% increase from January 2012, according to the National Association of Realtors (NAR).The average sales price for single family homes in Miami-Dade County decreased 2.4% to $308,978 and the average sales price for condominiums increased 17.2% to $290,378.

‘The current robust performance of the Miami market is not only driving prices but also creating a seller’s market,’ said Miami Association of Realtors residential president Fernando Martinez.

You know what the means for homes here in the Pembroke Pines area? Multiple offer situations and getting what you asked for or possibly more. What is happening in the South Florida area is a shortgage of inventory in homes. Less competition in your neighborhood means more people are looking at your home to buy. I see it working with buyers and sellers and it has almost become a race to get that home first.

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