January 14, 2013
Miami’s real estate market is continuing to thrive amid increasingly optimistic expectations. Not only is this amazing in itself, but it’s being accomplished without the support of financial institutions – which means that Miami Properties are thriving upon their own momentum. It’s a great start to 2013.
The news came following the recent release of the Fourth Quarter 2013 Miami Market Report, which was conducted by Douglass Elliman, the nation’s forth largest real estate brokerage (and one of the biggest in South Florida). The data found that Miami’s real estate market had improved significantly in the fourth quarter, compared to both the proceeding quarter and 2011. Average sales prices, median sales prices, and the number of closed sales all increased, while the amount of time it took to sell a home steadily decreased.
In other words, properties are becoming more popular and are managing to sell well. As Jonathan Miller, the report’s author, stated in Curbed Miami:
The Miami housing market continued to improve through the end of 2012. The key story in the market rebound has been the increase in sales despite no real easing in mortgage lending. Year-over-year sales activity jumped 14%, the highest total for a fourth quarter in at least 6 years. That’s a more important trend than prices, since sales activity leads prices by at least a year.
Median sales price did surge 27.3% over the same period as well. Nearly 75% of all condo purchases and approximately 45% of all single family purchases were made with cash in the quarter, nominally different than a year ago. International buyers and an improving economy are keeping the pressure on the market despite the lack of participation by banks. Distressed sales fell to a 3 year low of 40.2% after reaching 64.7% in early 2011.
Needless to say, the future of Miami real estate looks strong, especially Downtown Miami Real Estate, which is seeing a continuing expansion in both commercial and residential properties. For more information on how you can make the most of the revitalizing real estate market, contact Metro 1 Properties, the city’s leading realtor.