Active listings at the end of June increased 5.1 percent, from 12,544 to 13,179, compared to June 2012, when the market was already experiencing a housing shortage. Despite the slight increase due to more new listings coming on the market, current active inventory remains insufficient to satisfy intense demand for Miami properties. Inventory of single-family homes decreased 2.8 percent to 5,006 active listings, while that of condominiums increased 10.5 percent to 8,173 active listings. At the current sales pace, there is 4.9 months of supply of single-family homes and 5.8 months of supply of condominiums in Miami-Dade, representing a decrease of 15.6 percent and an increase of 2.8 percent respectively compared to year-ago levels.
"Limited months supply of inventory in Miami reflects a seller's market, which means buyers have to be more focused and savvy while sellers can sell fast if properties are priced right," said 2013 MIAMI Association of REALTORS® Residential President Fernando I. Martinez. "Properties that are competitively priced will sell very rapidly, particularly in the lower price points, and will generate multiple offers close to or above asking price."
Total housing inventory nationally increased 1.9 percent at the end of June but remains 10.1 percent below year-ago levels, representing a 5.2-month supply.
by Miami Admin | Jul 31, 2013
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