Sales in Miami in both condos and single family homes set incredible records. Double digit growth is attributed to overseas buyers as well as the improving economy in Florida, record low mortgage rates, and the resulting inventory is incredibly limited. There is currently a shortage and 2013 is not expected to be record breaking simply because the inventory is not available. However, there are 100 new condominiums in the works so this will likely be remedied. If you are looking to sell your home or condominium in Miami Beach or in Miami, you would be very well served to take a hard look at the numbers below and get an idea of how remarkable the market really is for the seller.
In Miami Dade County, sales rose 7.9% for single family homes and 1.2% for condos. Natasha Tell, chairman of the board of the Miami Association of Realtors released this statement, “The Miami real estate market continues to exceed expectations and generate optimism. While we expected the surge in demand to drive price appreciation, we did not expect prices to increase as soon and as strong as they did.” Total sales in December increased by 12.5% compared to December 2011. Single family homes in Miami Dade increased 16.4% and condos increased by 9.8% in December. More impressive is that the median price of home has increased 25.4% compared to 2011 and 3.2% from November 2012. The demand for bank owned properties and the resulting bidding wars is keeping price points up. For more information on the market, contact us today.