January 28, 2013
Miami’s real estate market is continuing to defy the odds with its consistent and healthy growth. According to the Miami Association of Realtors, sales of existing single-family homes in Miami-Dade County were 16.4 percent higher in December 2012 compared to the year before, making 2012 a record-breaking year for home sales. As the Miami Herald reports:
In Miami-Dade, the median price for a single-family home jumped 18.9 percent to $214,060 while that of an existing condominium soared 25.4 percent to $163,000 in December 2012 from a year earlier, marking 13 consecutive months of year-over-year gains. Miami-Dade condo sales climbed 9.8 percent to 1,395 units in December.
In other words, all types of residential Miami Properties are seeing an increase in both the number of sales and their market value. And because this has been sustained consistently for over a year, it’s likely that the recover will continue into the foreseeable future.
The number of single-family homes on the market in Miami-Dade fell 27.5 percent in December to 5,000, while the number of condos declined 20.8 percent to 7,844 units, the Miami Realtors said.
“You’re seeing more buyers chasing fewer properties,” said Ron Shuffield, president of Esslinger-Wooten-Maxwell Realtors in Coral Gables.
Miami-Dade has just 5.2 months of supply of single-family homes and 5.7 months of supply of condos on the market — less than the six to nine months of inventory typical of a market balanced between buyers and sellers. “When it drops below six months of supply, you’re definitely going to see price appreciation,” Shuffield said.
The message is clear: with prices starting to rise and inventories tightening, now is an ideal time to get in on the real estate market. From centrally-located Midtown Real Estate, to Miami Beach Real Estate, Miami Properties all over the county are becoming increasingly sought after. To make the most of this opportunity while it lasts, contact Metro 1 Properties, the city’s leading realtor, at 305-571-9991.