Record Breaking Surge Seen in Miami Real Estate Market
September 4, 2012The residential property market in Florida is showing promising growth following the recent strong demand for properties in Miami. The growing clamor for homes complements the limited supply, thus boosting the prices of limited residential properties.
Based on latest sales figures, the median sales price for single family homes in Miami Dade County rose by 4%. This 2012 second quarter increase is already a considerable improvement on the $185,000 recorded during the same quarter in 2011. The Miami Association of Realtors meanwhile, released data that showed there has been a 6% increase in sales prices compared to the first quarter of this year.
Experts say that the numbers can’t be lying. Miami Association of Realtors President Martha Pomares cannot help but note the persistent demand for real estate in the area:
“The limited supply of single family homes and condominiums has resulted in a robust price appreciation,” Pomares explained.
Pomares further pointed out that Miami has a “very unique real estate market, attracting both US and international buyers”. Indeed, Miami’s international appeal is something that few other markets in the US enjoy, particularly after the recession.
“Such appeal will continue to support local market strengthening long into the future,” added Pomares.
While 2011 was considered to be a record-breaking year for Miami, Patricia Delinois, residential president of the Miami Association of Realtors, explained that 2012 is looking even better.
“We are seeing multiple offers for many properties, and these are taking considerably less time to sell,” explains Delinois.
She also maintained that many buyers are still being denied their dream home “due to unnecessarily tight mortgage underwriting standards”.
The Miami-Dade County’s total housing inventory recorded a 28% yearly decrease. With only 11,497 active listings and the increasing number of Miami-Dade County buyers, the real estate market in Miami is in for a brighter future.
