Prices of Existing Homes in South Florida Make Double-digit Leap

31 May 2013

Resale prices for single-family homes in the Miami-Dade County increased by 23.7 percent to $225,000 in April, according to the Miami Association of Realtors.

For condos, the median price increased by 17.1 percent to $175,000.

In April, the sales of single-family homes jumped by as much as 15.2 percent to 1,094 units in Miami. The increase occurred despite the 6.9 percent dip in the inventory of single-family homes in April.

Existing condos in Miami also increased their sales by 18.7 percent compared to last year. The condo listings increased by 1.1 percent in April. However, even with demand even increasing, the supply of existing condos in Miami dropped to 5.7 months in April.

Many experts are now taken aback by the continued spike of sales volume despite the declining inventory.

Aside from Miami, Broward County is also performing well with median price for existing single-family homes increasing at 22 percent to $250,000 in April.

Median price for condos and townhouses in Broward also jumped by 24 percent to $105,000.

Sales of single-family homes in the area increased by 11.1 percent, while sales of condos and townhouses increased by 5.8 percent.

Many of the sales of single-family homes in Broward were closed at the asking price. Condos and townhouses sales were also sold at 94.4 percent of the asking price.

Many properties are being sold at the listing price and some even sold at higher prices. The median days to sell a property in Miami declined by 12.5 percent to 42 days in April. Median days for selling condos, on the other hand, dropped by 43 days from 52 days.

In Broward County, the median days to sell single-family homes were 34 days from 45 days. Condos in the area also sell at median days of 36 from 44.

Statewide, the housing market is continuing its pace of recovery with double-digit gains both in prices and sales. The median price for single-family homes in Florida increased by 14.2 percent to $165,000 in April, while 16.4 percent to $128,000 for condominiums. The sales of condos also jumped to 13.6 percent while 17.4 percent for single-family homes.