Miami Home Prices Post Strong Gains for Third Consecutive Month
Pubblicato da fidest su sabato, 24 marzo 2012
Miami, FL – For the third consecutive month, Miami home prices posted strong gains in February. The median sales price of condominiums in the Miami-Dade County surged 40.4 percent to $131,950 in February compared to a year earlier, according to the 26,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system. The median sales price of single-family homes rose 19 percent to $175,000.
Statewide median sales prices in February increased 15.9 percent to $95,000 for condominiums and 7.2 percent to $135,000 for single-family homes, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. The national median existing-home price for all housing types was $156,000 in February, a 0.3 percent increase from February 2011.
In February, the average sales price for single-family homes in Miami-Dade County increased 15.4 percent, from $265,440 in 2011 to $306,391 in 2012. The average sales prices for condominiums jumped 26.3 percent, from $214,012 to $270,300.
The sales of existing single-family homes in Miami-Dade increased two percent in February, from 746 to 760, compared to February 2011. Sales of condominiums dropped 12 percent, from 1,230 to 1,086, compared to record sales levels in February 2011.
Statewide sales of existing single-family homes totaled 14,270 in February 2012, down 4.8 percent compared to a year ago. Statewide condominium sales totaled 7,545, down 16 percent from those sold in February 2011. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops decreased 0.9 percent from January but were 8.8 percent higher than they were in February 2011, according to the National Association of Realtors (NAR).
Inventory Declines 45 Percent Year-over-Year From February 2011, the inventory of residential listings in Miami-Dade County has decreased 45.1 percent from 24,792 to 13,610 in February 2012. Compared to the previous month, the total inventory of homes dropped 3.4 percent. Total housing inventory nationally rose 4.3 percent at the end of February.
Heightened demand for bank-owned (REO) properties and improved processing of short sales has resulted in rapid absorption of distressed listings and contributed to price appreciation. In February, 54 percent of all closed residential sales in Miami-Dade County were distressed, including REOs (bank-owned properties) and short sales, compared to 69 percent in February 2011 and 56 percent the previous month. Contrary to a year ago, there are now more short sales being transacted than REOs.
International Buyers Fuel Cash Sales. In Miami-Dade County, 65 percent of total closed sales in February were all-cash sales, compared to 66 percent in January and 67 percent a year earlier. Cash sales accounted for 46 percent of single-family and 79 percent of condominium closings. Nearly 90 percent of international buyers in Florida purchase properties all cash. Nationally, all-cash sales were 33 percent of transactions in February, reflecting the stronger presence of international buyers in the Miami real estate market.
About the MIAMI Association of REALTORS The MIAMI Association of
REALTORS was chartered by the National Association of Realtors in 1920 and is celebrating more than 90 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of four organizations, the Residential Association, the Realtors Commercial Alliance, the Broward County Board of Governors, and the International Council, it represents more than 26,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local association in the National Association of Realtors, and has partnerships with more than 100 international organizations worldwide. MIAMI’s official website is http://www.miamire.com.