Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 31 n° 229

Miami Real Estate Prices Reflect More Balanced Growth

Posted by fidest press agency su mercoledì, 25 giugno 2014

Miami-skyline-for-wikipediaMiami, FL – The performance of the Miami real estate market in May continued to reflect strength, healthier growth, and more balance between buyers and sellers, according to the 30,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system. Median sale prices again increased for both single-family homes and condominiums in May but remain at affordable 2003 levels. The median sale price for single-family homes increased 12.6 percent, up to $250,000 from $222,000 in May 2013, marking 30 straight months of growth. The average sale price for single-family homes increased 21.4 percent from $408,021 in May 2013 to $495,525 last month.“The Miami real estate market continues to perform well as demand remains historically strong but while fueling more balanced price growth,” said 2014 Chairman of the Board of the MIAMI Association of REALTORS Liza Mendez. “Sales are consistent with 2013 activity, which set a third consecutive sales record, and properties are selling rapidly and close to asking price.”
The median sale price for condominiums has increased for 35 consecutive months. Compared to May 2013, the median sale price for condominiums increased by 3.6 percent to $186,600 from $180,000 a year prior. The average sale price for condominiums increased 3.8 percent to $384,900 from $370,843 in May 2013. In May, residential real estate sales in Miami-Dade County decreased 6.4 percent to 2,704 compared to 2,888 in May of last year. Single-family home sales decreased a negligible 0.1 percent relative to May 2013, from 1,216 to 1,215. Compared to May 2013, condominium sales declined 10.9 percent from 1,672 the previous year to 1,489 last month. Miami real estate continues to sell at a rapid pace and at nearly asking price, reflecting strong demand compared 2013, which was the third consecutive record sales year.
The median number of days on the market for single-family homes sold in May was just 47 days, an increase of 9.3 percent from May 2013. The average percent of original list price received was 94.3 percent, down only 0.6 percent from May 2013. The median number of days on the market for condominiums sold in May was 53 days, an increase of 10.4 percent compared to the same period in 2013. The average sales price was 94.3 percent of the asking price, a decrease of 2.4 percent.
Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops increased 4.9 percent from April but were 5.0 percent below what they were in May 2013, according to the National Association of Realtors (NAR). Statewide closed sales of existing single-family homes totaled 23,013 in May, up 3.6 percent compared to the year-ago figure, according to Florida Realtors. Statewide sales of condominiums totaled 10,558, down 7.0 percent from May 2013. The national median existing-home price for all housing types was $213,400 in May, a 5.2 percent increase from April 2013, according to NAR. The statewide median sale price for single-family existing homes last month was $180,000, up 64.3 percent from the previous year, while that of townhouse-condo properties was $145,000, up 13.7 percent over the previous year.
The MIAMI Association of REALTORS was chartered by the National Association of Realtors in 1920 and is celebrating 94 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of five organizations, the Residential Association, the Realtors Commercial Alliance, the Broward County Board of Governors, the YPN Council and the award-winning International Council, it represents more than 30,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S., and has official partnerships with 120 international organizations worldwide.

 

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