Strong real estate market in Miami with properties selling near asking price

Taylor Scott International News

The performance of the Miami real estate market remained strong in February, as prices continue to rise while properties are selling rapidly and near asking price, according to the latest report from the Miami Association of Realtors. Miami is one of the most popular parts of the United States for foreign property buyers and attracts enquiries particularly from Europeans and South Americans seeking to buy property for investment in Florida. The data shows that median sale prices again increased significantly for both single family homes and condominiums in February. The median sales price for single family homes jumped 17% to $227,000, marking 27 straight months of growth. The average sale price for single family homes increased 6.7% to $415,312 last month. ‘Despite the recent increase in inventory, sales activity remains at historically strong levels, resulting in rising prices,’ said Liza Mendez, chairman of the board of the Miami Association of Realtors. 'While additional inventory is creating a more balanced market, the fact that homes continue to sell fast and almost at asking price is still indicative of a seller’s market,’ she added. The median sales price for condominiums has increased for 32 consecutive months, up 7.3% to $177,000 compared to February 2013. The average sale price for condominiums increased 10.8% to $337,382 from a year ago. The report points out that Miami real estate continues to sell at a rapid pace and nearly at asking price, indicating properties are being priced right and buyers realize they need to be competitive in the current market. The median number of days on the market for single family homes sold in February was just 47 days, a decrease of 2.1% from February 2013. The average percent of original list price received was 95.2%, up 1.4% from February 2013. The median number of days on the market for condominiums sold in February was 57 days, an increase of 18.8% compared to the same period in 2013. The average sales price was 95% of the asking price, a negligible decrease of 0.8%. In February, residential real estate sales in Miami-Dade County decreased a negligible 1.9% compared to 2,075 in February of last year. Single family home sales increased 1.3% relative to February 2013. Compared to February 2013, condominium sales declined 4.1%. ‘The Miami real estate market also offers great opportunities for buyers. Prices are still low, comparable to what they were more than 10 years ago,’ said Francisco Angulo, residential president of the association. ‘And, interest rates are still at historical lows, making buying a home more affordable. Consumers considering buying a home should take advantage of all of the current favourable market conditions,’ Angulo added. The data also shows that active listings at the end of February increased 26.8% compared with a year ago. Inventory of single family homes increased 18.3% and condominium inventory increased 32.2%. At the current sales pace, there is a 5.6 month supply of single family homes, an increase of 6% from 5.3 months in February 2013, and a 7.5 month supply… Continue reading →

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