Miami, FL – 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 a new report from the 30,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system.
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.”
Double-Digit Price Appreciation Continues
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.
National and State Figures
Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops decreased 1.9 percent from August but were 10.7 percent higher than they were in September 2012, according to the National Association of Realtors. Statewide closed sales of existing single-family homes totaled 18,490 in September, up 18.8 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. Statewide sales of condominiums totaled 8,279, up 11.4 percent from September 2012.
The national median existing-home price for all housing types was $199,200 in September, an 11.7 percent increase from august 2013, according to NAR. The statewide median sales price for single-family existing homes last month was $170,000, up 17.2 percent from the previous year, while that of townhouse-condo properties was $130,000, up 25.2 percent over the previous year.
“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.”
Active Listings Increase, Market Continues to Favor Sellers
Active listings at the end of September increased 14 percent, from 12,500 to 14,273, compared to September 2012. Inventory of single-family homes increased 4.8 percent to 5,303 active listings, while that of condominiums increased 20.5 percent to 8,970 active listings. At the current sales pace, there is 4.9 months of supply of single-family homes and 6.3 months of supply of condominiums in Miami-Dade, representing a decrease of 12.5 percent and an increase of 11.0 percent respectively compared to year-ago levels.
Total housing inventory nationally was unchanged at the end of September and was 1.8 percent below year-ago levels, representing a 5.4-month supply.
Miami Real Estate Selling Fast, Close to List Price
One of the most encouraging signs from September’s data is the speed at which real estate is being sold in Miami, demonstrating a strong demand from buyers.
The median number of days on the market for single-family homes sold in September 2013 was just over a month, 41 days, a decrease of 2.4 percent from the prior year. In addition, the average sales price was 95.9 percent of the listed price, up from 93.1 percent the prior year, indicating that homes are being priced right.
Condominiums also sold at a rapid pace and close to their asking price in September 2013. Condominiums sold in September had been on the market for just 46 days. Meanwhile, selling prices for condominiums were 96.7 percent of the listed price last month.
Double-Digit Growth in Traditional Sales
Compared to 2012, the number of traditional sales significantly outnumbered REOs (bank-owned) and short sales. In September 2012, traditional single-family home sales accounted for a little over half of all sales with foreclosure and short sales dividing the rest. Meanwhile, last month, traditional single family home transactions were 60.3 percent of all single-family homes sold in Miami.
In addition, in September 2013 there were 668 traditional real estate sales in the Miami real estate market, a significant growth of 38.9 percent from the 481 traditional sales during the same period in 2012. The growth of foreclosure and short sales compared to the prior year were in the single digits, 3.4 percent and 1.8 percent, respectively.
Nationally, distressed homes again accounted for 14 percent of September sales.
Growth in Cash Sales
In Miami-Dade County, 61 percent of total closed sales in September were all-cash sales compared to 63 percent in September 2012. All-cash sales accounted for 47.7 percent of single-family home and 71 percent of condominium closings, compared to a year ago when cash sales were 42.6 percent and 76.5 percent of closed sales respectively.
Since nearly 90 percent of foreign buyers in Florida purchase properties all cash, this reflects the much stronger presence of international buyers in the Miami real estate market. By comparison all-cash sales nationally accounted for 33 percent of transactions in September, up from 32 percent the previous month and 28 percent in September 2012.
September 2013 – Miami-Dade Statistical Reports
- Single-Family Homes http://www.miamirealtors.com/docs/monthly-market-reports/miami-dade-county_single-family-homes_2013-09_summary.pdf
- Condominiums & Townhouses http://www.miamirealtors.com/docs/monthly-market-reports/miami-dade-county_townhouses-and-condos_2013-09_summary.pdf
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.