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.
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.
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.Â "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.
listings at the end of March dropped 5.0 percent compared to a year
earlier, "when the market was already experiencing a housing shortage."
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