Latest figures show the real estate market in Miami continued to strengthen as last year drew to a close, due to continued demand that resulted in double-digit price growth. According to data from the Miami Association of Realtors, the median sales price for a property in Miami-Dade County was $235,000, up 18.1% compared to the previous year.
The article in Propertywire goes on to point out that the median sales price for condominiums also rose to $175,000, an increase of 12.9%. Although prices in Miami are continuing to increase, the growth is becoming more moderate as the market becomes more balanced, a situation that is good for both sellers and buyers. Prices have now reached levels seen in 2004, and there is sufficient inventory for all types of buyers. Statewide the median prices for homes in Florida also increased during the fourth quarter, as the price for a single-family home was up 13.3% to $170,000, compared to the fourth quarter in 2012. The price for condominiums increased to reach $133,000, up 18.8% compared to the same quarter for the previous year.
During the fourth quarter of 2013 there were 7,298 homes and condos sold throughout Miami-Dade County. This was just 0.9% less than sales for the fourth quarter of 2012. When these figures are broken down the sales of single-family homes increased 0.1% to reach 3,182, while sales of condominiums fell by 1.7% to 4,116 compared to the fourth quarter in 2012.
Demand for homes in Miami continues to remain strong, both from domestic and international buyers. Real estate experts point out that Miami is very much a global city offering the advantage of nice weather and a healthy economy. As such it's anticipated Miami will continue to attract new residents and second-home buyers well into the future, creating further demand for real estate.
Sales of existing single-family homes for the whole of Florida reached 54,845 during the fourth quarter, an increase of 4.7% compared to the same period a year ago. Sales of condominiums reached 24,538, a decrease of 2.1% compared to the same period a year earlier. The percentage of people paying in cash declined slightly down to 60% compared to 63.3% a year earlier. All cash sales accounted for 71.5% of condominium sales, and 45.4% of single-family home sales. These figures aren't surprising as Miami does attract a significant number of international buyers and as such has a higher percentage of cash transactions than normal.