Miami Real Estate Hits Fourteen Consecutive Quarters Of Improved Residential Sales Percentages
According to updated reports from the Miami Association of Realtors, Miami’s MSA residential sales on real estate properties had gone up 23 percent within the fourth and final quarter of 2011 from 4,722 to 5,839 from 2010. The increase in residential sales stands as the fourteenth consecutive quarter wherein sales have been improving.
Existing single-family home sales increased within Miami by 21 percent while sales of existing condominiums has increased by 25 percent. Across the state, single-family home properties being sold has gone up 7 percent while condominiums had gone up by 4 percent.
2011 marks one more year where the Miami real estate market was able to strengthen even more as investors and property buyers from all around the world have been seen mopping up excessive inventory from two to three years back which essentially led to the market’s limited supply and increasing property prices.
Experts say the strengthening is expected to carry on throughout the rest of 2012.
Single-family home properties within Miami-Dade County had a median sales price of $176,200 in the final quarter of 2011 which marked a one percent decrease from the year before. On the other hand, condominium properties had a median sales price of $124,100 which marked a 19 percent rise. Median sales prices across the state had gone down one percent to $132,000 for single-family home properties while prices went up 5 percent to $88,800 for condominium properties.
Regardless of the issue with regards to short sales and various other bank-owned real estate properties which make up for a large percentage of closed home sales within the region, prices for real estate have been going up due to the limited supply on the market which has gone down by 40 percent from the previous year as well as the growing demand for Miami real estate options.
There is no doubt that Miami has been attracting a heavy degree of attention from many different fields in addition to that of real estate. Its international flair is truly pulling in a lot of positive trends which include a rise in population, a decrease in unemployment, the growing availability of job opportunities, and better consumer confidence which are also expected to make for even more demand for real estate.