Following three record sales years, the Miami real estate market continues to experience strong demand exceeding the previous year’s results. Still increased inventory is creating a more balanced market between buyers and sellers and affordability remains a reality. The Miami real estate market continued to experience rising sales and prices in the first quarter of 2014 due to increased demand from both foreign and domestic buyers, according to the 30,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems.
Prices Continue to Rise
In the first quarter, the median sales price for homes in Miami-Dade County was $230,000, an increase of 11.8 percent compared to last year. The median sales price for condominiums rose 15.7 percent to $187,500 in the first quarter compared to a year earlier. First quarter price increases mark nine (9) consecutive quarters of growth for both single-family homes and condominiums.
Sales Rise above Record Levels
There were 6,752 homes and condos sold in Miami-Dade County during the first quarter of 2014, an increase of 3.8 percent compared to the first quarter of 2013. Sales of single-family homes increased 7.4 percent to 2,893, while condominium sales increase 1.3 percent to 3,859.
Inventory Continues to Sell Rapidly
The Miami Association’s initiatives to increase inventory and focus on assisting members to get more listings has proven successful along with some additional distressed properties coming on the market. The fact that sales remain at historically strong levels while inventory is growing points to seller confidence. Sellers are listing properties because they have confidence in the market.
First quarter active listings in Miami-Dade County totaled 16,879, representing an increase of 29.2 percent. At the current sales pace, current inventory represents 5.6 months of inventory for single-family homes and 7.5 for condominiums. A balanced market between buyers and sellers offers between six and nine months supply of inventory.