Brickell Skyline – Miami, Florida Photo: Adam Mizrahi
Sales of single-family homes climbed in February 2014 by 1.3 per cent year-on-year, although condo sales dipped 4.1 per cent. Nonetheless, demand remans strong, with Miami real estate continuing to sell at a rapid pace and nearly at asking price; the median number of days on the market for single-family homes sold in February was just 47 days, a decrease of 2.1 percent from February 2013.
Median sale prices increased 17 per cent for single-family homes, up to $227,000, marking 27 straight months of growth.
“Despite the recent increase in inventory, sales activity remains at historically strong levels, resulting in rising prices,” comments 2014 Chairman of the Board of the MIAMI Association of REALTORS Liza Mendez.
“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.”
Indeed, the median sales price for condominiums has increased for 32 consecutive months, rising 7.3 per cent year-on-year to $177,000.
But investors are interested too, particularly those from overseas.
In Miami-Dade County, 62.5 percent of total closed sales in February were all-cash transactions, down from 66.5 percent in 2013 but significantly higher than the national average of 35 per cent. Since nearly 90 percent of foreign buyers in Florida purchase properties all cash, this continues to reflect the much stronger presence of international buyers in the Miami real estate market.
“The Miami real estate market also offers great opportunities for buyers,” adds 2014 MIAMI Association of REALTORS Residential President Francisco Angulo. “Prices are still low, comparable to what they were more than 10 years ago. 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 favorable market conditions.”