Miami Home Sales Increased 21.2% in Q3 2013

Posted on 11/18/2013 to General

Miami Home Sales Increased 21.2% in Q3 2013

As reported by The Miami Association of Realtor home sales keep increasing during the third quarter. Increased Demand for Homes and Condos while Median Prices Soared by Double Digits.

Miami, FL – Following record breaking sales activity for nearly three years, the Miami real estate market saw unprecedented growth in the third quarter of 2013 as demand for local real estate and limited supply continue to fuel double-digit growth in prices. 

Sales, Listings of Homes and Condos Grew
 In Miami There were 8,027 homes and condos sold in Miami-Dade County during the third quarter of 2013. This represented a significant 21.2% and 8.7% increase in the sales of homes and condos, respectively, compared with the same period in 2012. The growth in home sales was driven by a remarkable 89.5% increase in home sales $250,000 to $299,999 and a 67.7% growth in sales $600,000 to $999,999 when compared to the same time in 2012. Meanwhile, condo sales were driven by the 50.8% growth in condo sales $250,000 to $299,999 and a similar surge of 46.9% in condos $400,000 - $599,999 relative to the third quarter of last year.  “The surge in sales of Miami homes and condos is driven by a robust demand for real estate from international buyers from worldwide markets – and large numbers of U. S. buyers from other states,” said 2013 Chairman of the Board of the MIAMI Association of REALTORS Natascha Tello. “The third quarter statistics reflect a significant strengthening of our local real estate market with more homes being sold faster than last year.”  

Nationally, total existing-home sales, including single-family and condos, rose 5.9 percent to a seasonally adjusted annual rate of 5.36 million in the third quarter from 5.06 million in the second quarter, and were 13 percent above the 4.74 million pace during the third quarter of 2012, according to the National Association of Realtors.  

Statewide closed sales of existing single-family homes totaled 60,661 in the third quarter, up 17.3 percent compared to the year-ago figure, according to the latest housing data release by Florida Realtors.  Closed sales of condominiums totaled 27,200, up 11.3 percent compared to 2012.

The Miami Association’s initiatives to increase inventory and focus on assisting members to get more listings has made progress along with some additional distressed properties coming on the market.  Home and condo listings also grew by double digits in the third quarter. There were 5,937 new single-family home listings during Q3, a growth of 15.3% relative to the same period last year. Meanwhile, new condo listings were stronger with an increase of 20.5% from 6,872 in Q3 2012 to 8,282 this year.

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