Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 32 n° 220

Miami Home Prices Continue 21-Month Rise

Posted by fidest press agency su domenica, 22 settembre 2013

Miami, FL – The Miami real estate market continued to gain momentum in August, as prices andsales again rose year-over-year, generating rapid sales and offers close to asking price, according to the 30,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system.Single-family home sales rose again in August, up 15.1 percent from 1,051 a year earlier to 1,210 this August. Condominium sales increased 7.9 percent, up from 1,476 in August 2012 compared to 1,592 last month.
August’s figures mark 21 consecutive months of appreciation for both single-family homes and condominiums in Miami. The median sales price of single-family homes surged 20.5 percent to $235,000 year-over-year and 2.2 percent compared to the previous month. The median sales price of condominiums, which has significantly increased each of the last 26 months, spiked 27.5 percent to $180,500 compared to a year earlier and 5.3 percent compared to the previous month.
Compared to August 2012, the average sales price for single-family homes in Miami-Dade County decreased 11 percent to $364,960, while the average sales price for condominiums increased 22.3 percent to $346,847.
Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops increased 1.7 percent from July and were 13.2 percent higher than they were in August 2012, according to the National Association of Realtors. Statewide closed sales of existing single-family homes totaled 20,933 in August, up 12.5 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. Statewide sales of condominiums totaled 9,491, up 6.3 percent from August 2012.The national median existing-home price for all housing types was $212,100 in August, a 14.7 percent increase from august 2013, according to NAR. The statewide median sales price for single-family existing homes last month was $175,000, up 18.6 percent from the previous year, while that of townhouse-condo properties was $130,000, up 25.2 percent over the previous year.
Miami properties that are priced right continue to sell very rapidly and to yield a very high percentage of asking price. In August, the median days on the market for single-family homes and condominiums were 35 and 46 respectively, reflecting sales at a very rapid pace. The average percent of original list price received was 96.2 percent for single-family homes and 97.2 percent for condominiums.Active listings at the end of August increased 3.1 percent, from 12,445 to 13,763, compared to August 2012. Despite an increase in housing inventory, more new listings are needed to satisfy demand for Miami properties. Inventory of single-family homes increased 3.1 percent to 5,220 active listings, while that of condominiums increased 15.7 percent to 8,543 active listings. At the current sales pace, there is 4.9 months of supply of single-family homes and 6.0 months of supply of condominiums in Miami-Dade, representing a decrease of 12.7 percent and an increase of 7.6 percent respectively compared to year-ago levels.Total housing inventory nationally increased 0.4 percent at the end of August but remains 6.3 percent below year-ago levels, representing a 5.0-month supply.The median sales price of single-family home and condominium foreclosures in Miami-Dade increased 19.2 percent to $155,000 and 24.7 percent to $112,250 respectively.

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