Miami is still proving to be one of the hottest property markets in the United States, as median sale prices were up for condominiums and single-family homes in March. The market is continuing to be popular with overseas buyers and investors.
Last month the median sales price for single-family homes rose by 4.4%, up from $225,000 in March last year to $235,000 for March 2014. Prices have now risen for 28 consecutive months, according to figures from the Miami Association of Realtors. The average sales price for a single-family home rose by 17.8%, increasing from $389,847 in March last year, to $459,102 for March 2014. The article in Propertywire points out that Miami is still attracting worldwide investors, and demand continues to be strong this year. However inventory levels are rising, creating a more balanced market.
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The median sales price for condominiums in Miami increased by 19.8%, rising from $167,000 in March last year to $200,000 in March this year. The average sales price achieved by condominiums in Miami rose by 16.3% from $324,380 in March last year, to $377,290 in March 2014. Property in Miami is continuing to sell for nearly the asking price, an indication that shows the properties are being priced correctly. As a result buyers have realized they need to be competitive in today’s market.
Single-family homes spent a median 47 days on the market in March, an increase of 11.9% compared to March last year. The average price achieved was 94.9% of the listing price, a slight decline compared to March last year when the figure was 95.3%. Condominiums spent a median of 59 days on the market, an increase of 22.9% compared to March last year. The average sales price achieved was 94.2% of the listing price, a slight decrease of 2.5% compared to March 2013.
The number of active listings at the end of March increased by 29.1%, with inventory of single-family homes increasing by 22.5%, and inventory of condominiums increasing by 33.3%. At the moment there is a 5.6 month supply of single-family homes, and a 7.5 month supply of condominiums, increases of 9.4% and 27.7% respectively. The number of sales of distressed properties is continuing to decline in Miami-Dade County.
Last month just 31.5% of closed residential sales were distressed compared to 41.4% in March last year. Real estate experts point out this decline shows the overall health of the Miami real estate market, as the improving economy and increasing home values is leading to fewer foreclosures and short sales.
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