According to an article in Propertywire, the popularity of the real estate market in Miami shows no signs of waning. In March sales continued to grow strongly both for international and domestic buyers.
The latest figures from the Miami Association of Realtors show that single-family home sales reached double-digit growth year on year, while sales of existing condominiums also increased, in spite of the new spate of condo constructions. Overall, sales of single family homes have increased 10% compared to a year earlier. In addition, condo sales were up by 4.2% year on year.
Miami still remains an attractive location for both international and US buyers who want to live in a city with a diversified economy and world class amenities. Even though property prices have increased, the report from the Miami Association of Realtors points out that single-family home prices are still affordable, remaining at 2004 levels in spite of four years of consistent price growth. The prices of condominiums have increased 45 of the last 46 months.
Property prices are continuing to spiral upwards as the median sale price for a single family home increased to $260,000 in March, compared to $235,000 a year earlier. This is an increase of 10.6%. The average sale price for a single family home rose by 3.2% in March to $473,677 compared to $459,102 for March last year. The median sale price for condominiums increased to $215,000 in March compared to $200,000 a year earlier. The average sale price rose by 5.8% to $398,994 in March compared to $377,290 a year earlier.
Real estate in Miami is continuing to sell near to the asking price as consumer demand remains strong. The median number of days on the market for a single family home was 54 in March which is an increase of 14.9% compared to March 2014. The average percentage achieved of the list price was 94.6%, down by just 0.3% compared to a year earlier. Condominiums remained on the market for a median of 60 days in March, an increase of 1.7% compared to a year earlier. The average sales price was 93.5% of the original listing price, a decrease of just 0.7%.
Throughout Florida the number of sales of existing family homes increased by 24.6% compared to a year earlier and condominium sales increased by 13.7% for the same period. The median sale price for existing family homes in Florida was $190,000 in March, up 9.2% compared to a year earlier. The median price for condo and townhouse properties was $152,000, an increase of 8.6% compared to March 2014.