The Miami real estate market continued to experience strengthening in the fourth quarter of 2013 as demand for local real estate continued to fuel double digit price growth.
The median sales price for homes in Miami-Dade County was $235,000, an increase of 18.1% compared to last year, according to the latest data from the Miami Association of Realtors, while the median sales price for condominiums rose 12.9% to $175,000.
The latest figures mean that there have been consecutive quarters of growth for both single family homes and condominiums, although growth is now expected to slow.
‘While demand for Miami real estate continues to generate price appreciation, we are experiencing more moderate growth,’ said Liza Mendez, chairman of the board of the Miami Association of Realtors.
‘As more home owners are listing their homes for sales, we are seeing a more balanced market that is good for both buyers and sellers. Home prices remain at 2004 levels, while substantial inventory is available in all price points, creating opportunities for all types of buyers,’ she added.
The data also shows that compared to last year, the average sales prices for single family homes and condominiums increased 2.7to $401,996 and 4.6% to $316,767, respectively.
On a state wide basis Florida has also experienced a strong market. The state wide median sales price for single family existing homes in the fourth quarter was $170,000, up 13.3% from the same quarter a year ago. The median sales price for condominiums in Florida was up 18.8%c compared to the same quarter last year at $133,000.
There were 7,298 homes and condos sold in Miami-Dade County during the fourth quarter of 2013, representing a negligible decline of 0.9% compared to the fourth quarter of 2012. Sales of single family homes increased 0.1% to 3,182, while condominium sales declined 1.7% to 4,116 compared with the same period in 2012.
‘Sales remain strong as demand for Miami properties from both international and domestic buyers persists,’ said Francisco Angulo, residential president of the Miami Association of Realtors.
‘As a global city offering an exciting lifestyle, moderate year round weather, and a healthy economy, Miami will continue to attract second home buyers, new residents, and new business enterprises long into the future, which will generate further demand for Miami real estate,’ he explained.
In Florida as a whole closed sales of existing single family homes totaled 54,845 in the fourth quarter, up 4.7% compared to a year ago and closed sales of condominiums totaled 24,538, down 2.1% compared to 2012.
Home and condominium listings also grew by double digits in the fourth quarter. There were 5,548 new single family home listings during the fourth quarter, a growth of 17.1% relative to the same period last year. New condominium listings increased 9.2% from 6,946 in the fourth quarter of 2012 to 7,585 this year.
The data also shows that in the fourth quarter some 60% of closed sales were all cash compared to 63.3% a year ago. All cash sales were 45.4% of single family home closings and 71.5% of all condominium sales.
Agents points out that since nearly 90% of foreign buyers pay cash, this reflects Miami’s position as a top market for foreign buyers. Miami has a significant percentage of international buyers, generating many more cash transactions than the national average.
Homes were sold faster during the fourth quarter of 2013 compared to the previous year. The median duration of a home listing during the last quarter was 40 days compared to 41 days during the same period last year, a decrease of 2.4%. Similarly, the median days on the market for condominium listings were 47 days compared to 46 last year, a 2.2% decrease compared to the fourth quarter of 2013.
This article was republished with permission from Property Wire.