Looking Back At The Miami Real Estate Situation In October 2012: Rising Steady and Strong

It has been nearly a full year of significant price increases for the Miami real estate
market as the region continues to see such a high demand for properties despite the
diminishing inventory supply.

Even though property options are very limited within the region, the total residential
sales within the Miami-Dade County area jumped by 24.2 percent compared to 2011.

According to real estate data, the total number of sales of existing condominiums
within the region increased by 13.1 percent from 1,271 to 1,437 while the total
number of sales of single-family homes within the region increased by 41.9 percent
from 805 to 1,142 compared to the previous year.

Given the current demand for Miami properties for sale, people can expect to see
prices continue to increase in the months — and possibly years — to come, especially
since there are so many real estate investors, international property buyers, and many
US and local residents who are interested in being able to purchase the finest homes
and condominiums that the region is known to provide.

The region’s evident population growth, international business expansion, and record-
breaking levels of tourism are among the many factors which seem to be drawing so
much attention from people worldwide, particularly among those who are willing to
pay with cash as proven by the fact that 63.7 percent of all total closed sales in the
month of October 2012 were cash sales.

The breakdown of cash sales was 46 percent for all single-family home sales and 77.6
percent for all condominium sales.

Across the state, the sales of existing single-family homes reached a total of 17,779 in
October 2012 which marks an increase of 25.3 percent compared to October 2011.

As far as the prices are concerned, values were seen appreciating by as much as 24.2
percent for condominiums to $146,000 and 5.8 percent for single-family homes to
$185,000 which indicate the eleventh month of consecutive appreciation for both real
estate options.

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

Over the last twelve months, the number of residential listings found within the
Miami-Dade County area fell by 22.2 percent from 15,127 to 11,769. The total
number of homes found in the inventory supply in October 2012 increased by 1.5
percent compared to September 2012.

As of now, there are only 4.2 months of inventory supply remaining within the area.

If you would like to find out more information regarding the current market situation
within Miami, or if you are interested in learning more about the different properties

that are being offered within the region today, you may contact our team of real estate
agents for professional assistance.

 

Selda KIRKAN

954.3056424