According to the Miami Association of Realtors, after the second record sales year, the real estate market in Miami started strong with sales rising and prices amid limited supply of 2013 .
Residential Sales of Miami-Dade County increased 7.5 percent in January compared to the previous year. Sales of existing single-family homes in Miami -Dade County increased 16.4 percent , from the 892-1065 . Sales of existing condominiums increased 0.3 per cent from 1121-1124 , year after year.
" The continued strengthening and improvement of the real estate market in Miami is generating excitement and attention both nationally and internationally, " said 2013 President of the Board of the Miami Association of Realtors, Natascha Tello. " We expect prices to continue to rise due to the high demand that exists for sales and rentals. The more new listings that come on the market , still there is insufficient supply to meet consumer demand and less significant results for new ranges low price . "
Sales of all existing single-family homes Stateof totaled 13,679 in January, 11.7 percent compared to a year ago , according to the latest data released by Florida Realtors. Sales totaled 6,670 condominiums state , 2.0 percent from January 2012. Nationally, sales of existing single-family homes , townhomes , condominiums and cooperatives rose 0.4 percent from December and were 9.1 percent higher than they were in January 2012 , according to the National Association of Realtors.
Demand is expected to continue to promote the appreciation
Miami home prices rose again in January , marking 14 consecutive months of appreciation for single family homes and condominiums. The median price of condominiums in Miami -Dade , which has increased each of the past 19 months , sales rose 24.1 percent to $ 155,000 compared to one year earlier and fell 4.9 percent compared to the previous month . The average price of single family homes sales increased 14.8 percent to $ 194,000 year -over-year and decreased 9.4 percent compared to the previous month.
The average selling price of a house in Miami -Dade County dropped 2.4 percent to $ 308,978 . The average selling price for condominiums increased 17.2 percent to $ 290,378 .
Sales prices in Florida and the U.S.
State median home price in December rose 12.4 percent to $ 145,000 for single family homes and 18 percent to $ 112,000 for condominiums , according to marketing research and socio 10K data industry of Realtors Florida and department and vendor analysis. The national median existing-home for all types of housing price was $ 173,600 in January , up 12.3 percent from January 2012, according to the National Association of Realtors (NAR ) .
"The current robust market functioning Miami is not only drive prices but also create a seller's market , " said 2013 Miami Association of residential real estate agents I. President Fernando Martinez. "Properties that cost right sell very quickly and generate multiple offers. There are still good opportunities, but buyers need more attention. Sellers who have been reluctant to put properties on the market should consider doing it now . More listings are needed to meet demand .
Inventory Shortage Persists
Active listings at the end of January were 10.7 percent lower than they were in January 2012 , when the market was already experiencing a housing shortage . The inventory of single-family homes fell 12.9 percent , while that of condominiums fell 9.3 percent. Currently , there are 5.3 months supply of single family homes and 6.0 months supply of condos in Miami -Dade , representing drops of 20.4 and 11.5 percent respectively. Currently , there are 12,211 active listings in Miami -Dade County . Total housing inventory nationally fell dea 4.9% in late January and was 25.3 percent below the levels of a years ago , representing a 4.3 -month supply .
Less sales drop
Strong demand for property ( REO ) property of the Bank and improved processing of short sales continues to yield absorption of distressed listings and contribute to price appreciation .
In January, 43.2 percent of all closed residential sales in Miami -Dade County were distressed , including REOs ( bank properties ) and short sales, compared to 59.2 percent in January 2012 to 41.1 percent previous month. Nationally, abandoned homes accounted for 23 percent of January sales .
Cash sales reflect the presence of international buyers
In Miami -Dade County , 64.7 percent of total closed sales in December were all- cash sales , compared to 69.8 percent in January 2011 and 63 percent the previous month. Cash sales accounted for 49 percent of single-family and 76 percent of condominium closings . Nearly 90 percent of foreign buyers purchasing characteristics Florida fully effective . This reflects the much stronger presence of international buyers in the real estate market in Miami - all- cash sales comparison nationally explained 28 percent of transactions in January, down from 29 percent the previous month and 31 percent in January 2011 .