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Miami Record Home Sales

MAR: Miami-Dade has Record Home Sales for Third Year in a Row

by Doug Pitorak February 21, 2014

Miami-Dade County reported record breaking home and condo sales in 2013, the county’s third straight record setting-year, according to findings recently published by the Miami Association of Realtors (MAR). Home and condo sales totaled 30,041 in 2013, an 8 percent increase from sales in 2012, the report said. Single-family home sales in Miami-Dade County jumped 12.5 percent in 2013 to 12,901, up from 11,463 in 2012. Likewise, condominium sales spiked 4.6 percent in 2013 to 17,140, up from 16,383 in 2012. Not only did more homes sell, but they sold faster, too. According to the report, single-family homes spent a median of 44 days on the market in 2012; in 2013, the median days dropped to 41. Condominiums didn’t sell faster, with the median days spent on the market remaining at 46 – the same time recorded in 2012. MAR’s 2014 Chairwoman of the Board Liza Mendez says the record sales are a result of sky high demand. “Record demand for Miami properties from both domestic and international buyers resulted in another sales record in 2013,” Mendez said. “We expect strong demand to continue in 2014 for Miami real estate but are encouraged that more homeowners are listing homes for sale, creating more balance between buyers and sellers.” Supply met demand better in 2013 than it has in recent years. Listings of single-family homes and condominiums increased by double digits in 2013; single-family home listings spiked 15 percent to 23,235, and listings of condominiums nearly matched that growth, jumping 14.5 percent to 32,296. As 2013 concluded, 15,963 active listings persisted in Miami-Dade County, a 24 percent increase from 2012, the report said. Prices increased in 2013, too. The median sales price for single-family homes increased nearly 20 percent in Miami-Dade County in 2013, up to $225,000 from $188,000. The median sales price for condos increased 19.9 percent. Double digit increases in Miami-Dade county for condos and single-family homes also occurred from 2011-2012. - See more at: http://miamiagentmagazine.com/mar-miami-dade-record-home-sales-third-year-row/#sthash.N22oCsoq.dpuf



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