Miami Real Estate Prices Continue to Rise as Demand Surpasses Supply

High Demand for Miami Real Estate

Miami’s Real Estate has always been an exclusive investment, due to our beautiful beaches and sunny weather. Over the last year Miami’s Real Estate market has rebounded as demand for Miami properties has risen. Local Properties are being sold quickly due to the scarcity of properties available. The scarcity of supply has led to an increase of Real Estate prices over the last year.
According to MLS and Miami Association of Realtors, single family homes and condos have been increasing over the last 16 months. For instance, the median price for single family homes rose 25.1% to $225,000 compared to last year, with a 16% price increase in March alone. This has been the biggest price increase of single family homes since the boom of 2005.
Due to the high demand of Real Estate, we have seen an increase in Property Values. With the recent increase in your property value, now is an ideal time to sell. According to MLS 40.85% of homes sold within 30 days from January 1st to May 31 of 2013, with a median of 45 days in the market.

Rising Property Values in Miami-Dade County

Due to the high demand for Miami Real Estate the median asking prices for single family homes in March was $225,000, that is a 25.1% increased compared to last year, and a 16% increase compared to the month of February.
The median listing prices for Condos has been increasing steadily for the last 21 months. In march the median price for a Condo was $167,000; that is a 19.3 increase from last year, and a 1.2% increase from February.
In addition due to high demand homes sold within 30 days are sold at 98% of asking price, or 96% if sold within 90 days.

Strong Sales Continue in Miami

In 2013 we have seen an increase in property sales in Miami. Residential Sales in Miami-Dade County increased 2.7% in march, compared to record sales of last year. Single Family Residential sales in Miami-Dade increased 6.1% from 963 to 1022 homes. Condo sales increased 0.5% from 1451 to 1458.

Good time to Sell

The number of houses in the market at the end of March decreased 5% from 13760 to 13607 compared to March 2012, when there was already a scarcity of homes in the market. The inventory of single family homes decreased 9.7% whereas the inventory of Condos decreased 1.7%. At this rate there is a supply of 5.1 months for family homes and 5.9 months for condos in Miami-Dade. This present increases 19.1 and 6.6% respectively, compared to last year.

Decrease in ROE and Foreclose Sales

We are seeing an increase of prices in ROE and foreclosed homes, thus the demand for them is falling. In March 41% of closed sales were ROE, short sales and foreclosures, this is a decreased of last year in which closed sales for march were 49%.
Median prices of Condos and Residential Homes in mortgage rose 10.1% 144,000 and 23.6% to 105,000 respectively.

 

Posted on by gzirealestate in Miami Real Estate News