Miami Condos Rose by Double Digits
With the spike in condo inventory, the Miami real estate market is shifting the balance more toward buyers compared with a year earlier when it was a 6-month supply compared to 7.2 month in January 2014. Inventory of used condos for sale in Miami-Dade County hit its highest level in two-and-a-half years in January, with 10,398 active listings.
The rise in listings comes as condo resales are facing stiff competition from the thousands of new pre-construction units in the works in Miami-Dade. Everyone wants the newest and shiniest brand new units. Used or new construction sales the fact is that Miami-Dade’s impressive housing rebound remains on track, even as buyers are gaining more muscle.
The median price of a condo in Miami-Dade rose 20 percent to $186,000 in January and that of a single-family home jumped 16 percent to $225,000, Miami Realtors said. Miami-Dade condo closings totaled 1,269 compared with 1,124 a year earlier, while sales of single-family homes rose to 904 closings in January from 823 a year earlier, according to Miami Realtors.
Miami Condo owners are upbeat about Miami because the city’s escalating cultural, entertainment and sports options, its transformation into a work-live-play environment, and its role as an international gateway.
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