Miami Single-Family Home Sales, Prices Surge in June

                   

60 Percent of Residential Sales All Cash

Increased demand for single-family homes in Miami-Dade County continued in June amid very tight supply that is fueling double-digit price appreciation, according to the 29,000-member MIAMI Association of REALTORS® and the local Multiple Listing Service (MLS) system.
Single-family home sales surged 25 percent, up from 935 in June 2012 to 1,170 this June. Condominium sales increased 5.5 percent, up from 1,421 in June 2012 compared to 1,499 last month.
June's real estate market performance marks 19 consecutive months of appreciation for both single-family homes and condominiums. The median sales price of single-family homesntly increased each month over the last two years, rose 15.9 percent to $185,500 compared to a year earlier and 3.1 percent compared to the previous mont increased 21.1 percent to $230,000 year-over-year and 3.6 percent compared to the previous month. The median sales price of condominiums, which has significah.
"The Miami real estate market continues to gain momentum fueled by intense demand coupled with very tight supply particularly in the lower price ranges due to investors," said 2013 Chairman of the Board of the MIAMI Association of Realtors® Natascha Tello. "Miami real estate is definitely thriving. Factors such as population growth and foreign buyers are driving record sales for the third consecutive year, which will continue to result in strong price appreciation until more supply comes on the market."
Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops decreased 1.2 percent from May but were 15.2 percent higher than they were in June 2012, according to the National Association of Realtors®.
Lawrence Yun, NAR chief economist, said there is enough momentum in the market, even with higher interest rates. "Affordability conditions remain favorable in most of the country, and we're still dealing with a large pent-up demand," he said. "However, higher mortgage interest rates will bite into high-cost regions of California, Hawaii and the New York City metro area market."
Compared to last year's figures, the average sales price for single-family homes in Miami-Dade County in June increased 27.1 percent to $509,515, while the average sales price for condominiums increased 9.9 percent to $351,608.
by Miami Admin | Jul 31, 2013