Double Digit Appreciation Continues in Miami Real Estate
Miami Estate Market continues to surpass the expectations of most optimists! We all knew the market had to rebound sooner or later but I’m not sure if anyone was anticipating a double-digit appreciation for 22 consecutive months. September marked the 22nd consecutive month where the median sales price for single-family homes and condominiums increased.
Last month, the median sales price for single-family homes spiked by 18.4 percent, up to $225,000 from $190,000 in 2012, marking 27 straight months of growth. Similarly, the average sales price for single-family home increased 17.6 percent to $371,898. Condominium prices also experienced strong appreciation during the same period. Compared to September 2012, the median sales price for condominiums again increased by double digits, up 21.3 percent to $181,875 from $150,000 last year. The average sales price for a condominium was $315,813, up 14.1 percent from $276,767 the prior year.
Miami’s real estate market continued to boom in September as sales and listings grew by 4.6 percent and 23.3 percent, respectively, compared to 2012 according to the Miami Association of Realtors and local MLS.
Single-family home sales rose to 1,108, up 21.8 percent, in September compared to 2012. Meanwhile, condominium sales grew 4.6 percent over the same period, from 1,292 in September 2012 to 1,352 condominiums sold in September 2013.
“The double-digit growth in the sale of single family homes is a sign that now is a great time for homeowners to sell,” said 2013 Chairman of the Board of the Miami Association of Realtors Natascha Tello. “The Miami real estate market continues to attract buyers from across the world due to the world-class amenities Miami offers coupled with the significant growth of the local real estate market over the last three years."
“The striking double-digit growth in the average and median sales prices of homes reflects strong demand and limited supply, sending a clear message that now is a great time to sell in Miami,” said 2013 Miami Association of Realtors Residential President Fernando I. Martinez. “Yet, the median sales prices continue to be significantly lower than they were at the height of last decade’s housing boom, which means buyers can still purchase great properties at affordable prices.”
The demand for Miami Real Estate is due to the fact
Miami is not anymore just a paradise for vacations but the city is growing as an International strategic business center. The city of Miami is currently in a crucial time of transition becoming a more prominent and influential city at several levels. More International banks and corporations keep coming to the city while the already established business Institutions continue to enlarge their operations here. Miami’s port will become even a more significant player as a strategic international seaport. The port is expanding its capacity and very soon will handle larger volumes of traffic. The widening of the Panama Canal and the deepening of Miami’s harbor to accommodate larger ships will result in more cargo, business and generation of employment in our area. Interest in Miami in general has elevated in all over the world, and the awareness of Miami as an international gateway continues to rise.
Call me now to schedule a complete presentation of any project in Miami. Please contact me at 954.254.6085 or email me at JuanSolerRealtor@gmail.com
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