Sales of homes in Miami increased again last month and sales of single family homes set an all-time annual record last year with median sales prices continuing to increased moderately, according to an article in Propertywire.
The latest figures show that total sales of single family homes for last year set a new record, increasing by 4.8% while sales of condominiums were the second highest recorded as they decreased by 4.3% compared to 2013. When the two figures for last year are combined sales for 2014 decreased by just 0.4%, according to figures from the Miami Association of Realtors.
Real estate agents in Miami points out that the local market reflected continued demand last year. They sold more family homes in Miami-Dade County than ever before and condominium sales were also strong, in spite of competition from new construction. Prices of single family homes increased year on year in December but are still at affordable 2004 levels. This is in spite of three years of consistent price increases. Prices of condominiums also increased last month, and have now risen for 42 months out of the last 43.
In December the median sale price for a single family home rose 3.6% to $255,000 compared to $246,180 in December the previous year. The average sale price for a single family home fell slightly by 1.7% to $393,340, compared to $414,560 in December 2013.
The median sale price for a condominium increased by 9.6% to $195,000 compared to $175,000 a year earlier. The average sale price for a condominium rose by 19.9% to $409,707, compared to $341,687 a year earlier.
Data from the Miami Association of Realtors also shows that properties in Miami are continuing to sell quickly and for nearly the asking price as demand remains strong. The median number of days on the market for a single-family home sold last December was 45 days, up by 9.8% compared to December the year earlier. The actual selling price was 94.7% of the listing price, a slight decline of 1.7% compared to a year earlier. The median number of days required to sell a condominium last month was 57 days, up by 9.6% compared to December 2013. The actual selling price was 93.8% of the list price, a decrease of just 3.3%.
The number of all-cash sales in Miami is gradually declining as finance becomes easier to access. In spite of this it is still quite hard for condominium buyers to get a loan which is preventing the market from strengthening further.