According to the latest report from the Miami Association of Realtors, demand for real estate is still strong. The data shows this is particularly true for single-family homes costing between $200,000 and $400,000.
The median sales price for a property in Miami-Dade County increased by 8.9% compared to 2013, rising to $245,000. The median sales price for condominiums increased by 5.6%, rising to $190,000. The article in Propertywire points out this means the market has now increased for 10 consecutive quarters, both for condominiums and single-family homes. The demand is coming from buyers in the US as well as overseas buyers.
Inventory levels are also rising so the market is becoming more balanced between buyers and sellers, but in certain segments of the market it is still tight, particularly for single-family homes. In addition it can be tricky to obtain financing for condominiums and experts point out this is hurting sales of this particular sector of real estate.
Year on year the average sales price for a single-family home increased by 3.5% to reach $460,018. During this period the average sales price for condominiums increased by 6.7% to reach $375,941. When the whole of Florida is taken into consideration, the median sales price for single family homes increased by 5.3% during the second quarter for this year compared to a year earlier, reaching $180,000. The median sales price for condominiums increased by 10.1% during the same period, rising to $142,000.
During the second quarter of this year there were 8,139 homes and condominiums sold in Miami-Dade County, an increase of just 0.9% compared to the same quarter last year when there was considerably more sales activity. When these figures are broken down, sales of single-family homes rose by 4.9%, but sales of condominiums dropped by 5.2%.
Real estate experts point out that the property market in Miami is continuing to return to normal, but that there are still lots of opportunities for all types of buyers. Even though inventory levels are still quite limited this does depend on the price range and area, and generally buyers are finding they have enough to choose from, especially as prices are at 2003 levels. Sales levels are still historically strong, and inventory levels are growing as seller confidence increases in the market. There is currently a 5.5 month supply of inventory for single-family homes, and a 7.8 month supply for condominiums.