Miami Real Estate Market Continues To See Strong Gains After Eleven Consecutive Months

After a almost twelve full months of experiencing price increased that have been
brought about by strong sales and a diminishing inventory supply, the Miami real
estate market continues to show signs of strength according to a report released by the
Miami Association of Realtors.

Even though the region has had a limited inventory supply, the total number of
residential property sales within Miami-Dade County had increased by as much as
24.2 percent in October compared to the previous year. The total number of sales of
existing condominiums within the area grew by 13.1 percent while sales of single-
family homes increased by as much as 41.9 percent.

With such a remarkable demand for Miami properties on today’s market, the price
appreciate is sure to keep up at its on-going pace, especially since the demand has
been coming from international investors as well as vacation home buyers and US
residents who are seeking out the most outstanding real estate opportunities within the
world-class region.

It seems that people from all around the world are determined to keep their sights on
Miami as the increasing population, numerous expansion projects, and intense levels
of tourism are among the many factors that the region has been such an appealing
option for today’s property buyers — a trend which is expected to continue on into
upcoming years.

The eleventh consecutive month of price appreciation within Miami was seen in
October 2012 for both single-family homes and condominium properties. The median
sales price for condominiums within the region increased by 24.2 percent to $146,000
compared to the previous year while the median sales price for single-family homes
increased by 5.8 percent to $185,000.

The average sales price for Miami condominiums increased by 16.4 percent to
$265,783 while the average sales price for Miami homes fell by 14 percent to
$324,253.

Even the rental market has been seeing a significant demand which has been coming
in from US and foreign investors. The fact that numerous residents had been unable
to acquire loans during the market’s downtime has led to those residents seeking out
rental properties instead. Nevertheless, such activity is expected to add to the positive
growth that is being seen on the market.

As far as the inventory supply is concerned, the total number of residential listing in
Miami-Dade County fell by 22.2 percent compared to the previous month. As of now,
there are only 4.2 months of inventory supply left remaining within the Miami-Dade
County area.

If you would like to find out more information on the current market situation within
the Miami region, you are welcome to contact our team of professional real estate
agents for more details.

Selda KIRKAN