Miami Real Estate Market Continues to Thrive
by Andy Newton
Now is clearly the time to sell for Miami homeowners. High demand for properties in the area has caused prices to surge over the past several months, as an already limited market inventory of homes continues to steadily dwindle.
March a Strong Month For Miami Market
Prices for single-family homes and condominiums in the Miami area have been rapidly rising over the past year, with March showing a particularly astounding surge in rates. The median sales price for single-family homes in Miami rose by 16% to $225,000 from February to March of this year, a whopping increase of 25.1% in the year-over-year median sales price, the highest year-over-year increase since 2005. The median sales price for condominiums in the area has risen substantially over the past two years, with a 19.3% increase to $167,000 since March of the previous year and a 1.2% increase from only a month prior.
This tremendous surge in Miami housing prices comes as a result of an especially high demand for homes in the area amid a rapidly shrinking inventory of properties. Residential sales in Miami-Dade County rose by 2.7% in March, compared to sales rates in the same month a year earlier. Single-family homes prove to be in high demand, with sales increasing by 6.1% year-over-year, from 963 to 1,022. Condominium sales increased 0.5% year-over-year, from 1,451 to 1,458.
Statewide and National Trends
Although Miami rates prove to be particularly impressive, statewide and national sales prices are also on the upswing. Median sales prices for single-family homes increased 15.2% statewide in March to $160,000 and median sales prices for condominiums in the state increased 15.9% to $120,000. Meanwhile, the national median existing-home price for all housing types rose by 11.8% year-over-year to $184,300, according to the National Association of Realtors.
New Listings Needed to Satisfy High Demand
Active listings at the end of March fell 5.0% from the previous year, from 13,760 to 13,067. At the current rate of sale, there are only 5.1 months of supply of single-family homes and 5.9 months of supply of condominiums in Miami-Dade County, a dramatic decrease in rates from a year prior, when the area was already experiencing a housing shortage. With prices continuing to rise and supply continuing to dwindle, this proves an opportune time for Miami homeowners to consider putting their properties on the market.
Note: all statistics cited in this article are from this press release.
About LeahLeah has been a Florida resident for the past 24 years, a licensed real estate agent for over 16 years and a Sarasota resident for over twelve. She has raised her two daughters, Renata and Curstin, in Sarasota with her husband Christopher. Leah enjoys spending time with her husband, children and son-in law.My Google Profile+ View all posts by Leah →
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