Great Time To Sell in Miami

Rising Miami Home Prices, Inventory Shortage Create Opportunity for Sellers

The Miami real estate market continues to strengthen despite the shortage of housing inventory. After nearly an entire year of significant monthly price increases, Miami properties are selling very quickly and drawing multiple offers when priced right, making now a great time to sell.
Miami home prices rose again in September, marking 10 consecutive months of appreciation, according to the 26,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system. The median sales price of Miami-Dade condominiums, which has increased each of the last 15 months, rose 36.2 percent to $150,000 compared to a year earlier. The median sales price of single-family homes rose 8.6 percent to $190,000.
Total residential sales in Miami-Dade County decreased a negligible 3.4 percent compared to a year earlier when the local market experienced record sales levels. Great Time To Sell – Inventory Supply Continues to Dwindle Over the last year, the inventory of residential listings in Miami-Dade County has dropped 24 percent from 15,264 to 11,595, reflecting a 4.3-months supply at the current sales pace. Limited supply is fueling strong price appreciation, making now a great time to sell.

Median Days on the Market
The current median days on the market is only 43 for both single-family homes and condominiums, compared with historic averages of 90 to 120 days on the market. These are respectively 14 and 24.6 percent decreases year-over-year.

Distressed Sales Decrease In October, 47.5 percent of all closed residential sales were distressed, including REOs (bank-owned properties) and short sales, compared to 57 percent in October 2011 and 47.4 percent the previous month.

Cash Sales Reflects Strong International Presence Since most international buyers pay cash, Miami’s high percentage of cash sales continues to refl ect a strong foreign presence. In October, 63.7 percent of total closed sales were all-cash, compared to 64 percent in October 2011 and 62.4 percent the previous month. Nationally, all-cash transactions were only 29 percent of total and short sales, compared to 59 percent in September 2011 and 45.8 percent the previous month.

By: Martha Pomares 2012 Chairman of the Real Estate Board
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