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Miami Real Estate Double-Digit Price Appreciation Continues

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Condo sales saw similar increases last month. Of the 1,416 condo sales in Miami during October, 889 (62.8 percent) were traditional sales, an increase of nearly 8 percentage points compared to the same period during 2012 when traditional condo sales were 54.9 percent of all Miami condo transactions. Meanwhile, REO and short sales accounted for 24.1 percent and 13.1 percent , respectively, of total sales last month. The October decline of the latter represented a 47.3 percent decrease in condo short sales relative to the same period in 2012, when the 353 short sales accounted for 24.6 percent of all condo sales.

“The double-digit growth in traditional real estate sales is a sign of continued strength in Miami’s real estate market,” said 2013 MIAMI Association of REALTORS Residential President Fernando I. Martinez. “Moreover, the significant growth in cash sales shows that Miami is the destination of choice for international buyers, who continue to play a major role in the local market.”

National and State Figures
The national median existing-home price for all housing types was $199,500 in October, up 12.8 percent percent increase from September 2013, according to the National Association of REALTORS. The statewide median sales price for single-family existing homes last month was $169,000, up 16.6 percent from the previous year, while that of townhouse-condo properties was $130,000, up 22.1 percent over the previous year.

Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops decreased 3.2 percent from September but were 6.0 percent higher than they were in October 2012, Statewide closed sales of existing single-family homes totaled 18,728 in October, up 6.5 percent compared to the year-ago figure, according to Florida Realtors. Statewide sales of condominiums totaled 8,598, up 3.1 percent from October 2012.

Nationally, distressed homes again accounted for 14 percent of October sales.

Active Listings Increase, Market Continues to Favor Sellers
Active listings in October increased by 18.3 percent from 14,903 in October 2013 to 12,597 during the same time the prior year.

There were 5,571 active home listings in Miami last month compared to 5,046 during the same time in 2012, an increase of 10.4 percent. The strongest growth in listings, however, was in condos. In October 2013 there were 9,332 active condo listings compared to 7,551 during the same period last year. This represented an increase of 23.5 percent in the number of active Miami listings.

At the current sales pace, there is a 5.3 month supply of single-family homes and 6.6 months of supply of condominiums in Miami-Dade, representing an increase of 17.8 percent and 24.5 percent , respectively, compared to year-ago levels.

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