A report from the Miami Association of Realtors shows the residential real estate market in the area is still booming. Sales in September increased by 4.6%, while listings grew by 23.3% compared to September last year.
Sales of condominiums increased by 4.6%, while sales of single-family homes rose by 21.8%. Median sales prices have now increased for 22 consecutive months. Year on year, the median sales price of single-family homes increased by 18.4%, while the median sales price of condominiums rose by 21.3% compared to a year ago.
According to the article in Propertywire, the real estate market in Miami is continuing to attract buyers from throughout the world. This is partially due to the growth within the local market over the past three years, and partially due to the world-class amenities offered in the area. Apparently this strong growth is as a result of limited supply coupled with strong demand, but in spite of this sales prices are still lower than they were at the height of the last housing boom. This means buyers are still able to purchase properties at affordable prices.
The number of active listings at the end of September rose from 12,500 to 14,273, an increase of 14% compared to September a year ago. There were 5,303 listings of single-family homes, an increase of 4.8%, while listings of condominiums increased to reach 8,970, up 20.5%. There is currently a 4.9 months’ supply of single-family homes, a decrease of 12.5% compared to a year earlier, and a 6.3 months’ supply of condominiums, an increase of 11% compared to a year earlier.
The article goes on to point out that one of the most encouraging signs for September’s figures is that the speed at which real estate is being sold. In September the median number of days on the market for single-family homes was just 41 days, a slight decrease of 2.4% compared to a year earlier. The average sales price achieved was 95.9% of the list price, up slightly from 93.1% the previous year. The median number of days on the market for condominiums sold in September was 46 days, and the average sales price achieved was 96.7% of the list price. These figures show property is being priced correctly.
Compared to a year earlier, the number of traditional sales far outnumbered the number of short sales and bank owned sales. In September last year traditional sales of single-family homes accounted for just over half of all sales. The rest of the sales were due to short sales and foreclosures. In September 2013 traditional transactions for single-family homes accounted for 60.3% of all single-family homes sold in Miami.