Miami, FL – Miami’s robust real estate market was marked by a 71.3% growth in the sales of single-family homes valued $250,000 to $399,999 in August compared with last year, according to a new report from the 30,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system. The monthly listings and sales reports also detailed strong growth in new listings for single family homes across multiple price ranges and a sharp 72.7% increase in the sales of condos valued between $400,000 and $599,999.
“Miami’s boom in the sale of single-family homes and condos across various price ranges is marking unprecedented growth in our soaring real estate market,” said 2013 Chairman of the Board of the MIAMI Association of REALTORS Natascha Tello. Adding, “Our double-digit growth in the new listings of homes and condos at multiple price points sends a strong message that now is the time for sellers to put their properties on the market. Miami’s real estate market is definitely booming. The data clearly reflects there has never been a better time to invest in Miami.”
Boom in Sales of Single-Family Homes and Condos
The Miami real estate market continues to experience strong sales across different price ranges. There were 1,210 single-family homes sold in Miami last month compared with 1,051 in August 2012, an increase of 15.1%, according to MIAMI’s monthly market report. Of those 281 sales, 139 properties were valued between $250,000 and $299,999, which marked an impressive 80.5% increase from the same period the previous year. Additionally, the sale of single-family homes valued between $300,000 and $399,999 saw an increase of 63.2%.
Meanwhile, the sales of condos were driven by a significant 64% growth in closings of properties valued between $400,000 and $999,999. Specifically, there were 171 condos sold between $400,000 and $599,999, a growth of nearly 73% relative to 2012. This trend was also consistent with higher-end condos in which the 96 Miami properties that were sold with a valuation of $600,000 to $999,999 marked a 50.8% growth from the 65 that were sold during the same time last year.
“The double-digit boom in the sales of Miami residential properties in most price points is truly remarkable,” said Fernando I. Martinez, MIAMI residential president. “The fact that this boom is not isolated to one sector is a sign that Miami’s real estate market is positioned for continued long-term, sustainable growth.”
Double-Digit Growth in New Listings of Single-Family Homes and Condos
The double-digit growth in the listings of Miami condos and single-family homes is further evidence that South Florida’s real estate market is booming and that there is still insufficient supply to keep up with the strong demand for new properties.
The 2,009 single-family homes listed in August represented a 3% growth from new listings in July. Nearly 22% of August’s listings originated from single family homes valued between $250,000 to $299,999 and $400,000 to $599,999. The 210 new listings of the former signified a robust 54.4% increase from the same period in 2012; moreover, the 224 new listings for properties with the latter valuation represented a substantial increase of 44.5% compared to last August’s 155 new listings.
The vigorous growth in the new August listings of condos centered around more affordable properties valued between $100,000 and $199,999 which saw an increase of 67%. In August there were 500 new condos listed with an asking price between $100,000 and $149,999, a growth of 57.2% relative to 2012 when 318 condos in the same range were listed. In addition, $150,000 to $199,999 condos also saw double-digit growth. There were 337 new listings within this range, marking an increase of 35.3% versus the 249 new listings in August 2012.
Note: Statistics in this news release may vary depending on reporting dates. Statistics reported by MIAMI are not impacted by NAR’s rebenchmarking efforts. MIAMI reports exact statistics directly from its MLS system.
About the MIAMI Association of REALTORS
The MIAMI Association of REALTORS was chartered by the National Association of Realtors in 1920 and is celebrating 93 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of four organizations, the Residential Association, the Realtors Commercial Alliance, the Broward County Board of Governors, and the International Council, it represents more than 30,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S., and has partnerships with more than 100 international organizations worldwide. MIAMI’s official website is www.miamire.com.
