Miami, FL – The sales and listings of homes and condos in Miami experienced double-digit growth last month compared with the previous year, according to a new report from the 30,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system,
According to the report, single family home sales rose to 1,108, up 21.8%, in September compared to the same period last year. Meanwhile, condominium sales grew 4.6% over the same period, from 1,352 condos sold in September 2013 compared to 1,292 last year.
“The strong, double-digit growth of sales and listings of Miami real estate is a sign that it’s a great time for homeowners to sell,” said 2013 Chairman of the Board of the MIAMI Association of REALTORS Natascha Tello. Adding, “In addition, buyers can still find great bargains when looking for a new home or condo.”
Continued Growth in Sales of Homes and Condos
There was double-digit growth across nearly all price points in the sales of Miami single-family homes last month. Of the 1,108 homes sold in September, nearly 10% (109) were in the $600,000 – $999,999 price point. This signified a striking increase of 100% in the sale of single family homes at this price level when compared to September 2012.
There was also a significant increase in the sales of homes valued between $250,000 to $299,999 and those over $1 million. With 84 homes sold in September, the former experienced a growth of 60.3% compared to 2012. Meanwhile, the 59 homes that were sold at above $1 million signified a remarkable growth of 78.8% from last year.
“While sales of condos and homes are strong, there is still a good level of inventory available and opportunities for buyers to find great value,” said 2013 MIAMI Association of REALTORS Residential President Fernando I. Martinez. “The continued double-digit growth in listings and sales is an encouraging sign of confidence in our real estate market.”
Miami Home and Condo Sales…2
The sales of condos also surged last month. Nearly 16% of the 1,352 condos sold in September ranged from $400,000 – $999,999, according to the monthly MIAMI report.
Specifically, there were 93 condos in September valued between $600,000 and $999,999. This signified an increase of 47.6% from the same time last year. Moreover, the 122 condos sold that were valued $400,000 to $599,999 represented a growth of 38.6% from the previous year.
Surge in Condo and Home Listings
The double-digit growth in the listings of condos and homes valued over $100,000 and $200,000, respectively, helped drive Miami’s continued real estate boom in September.
Over 10% of new condo listings were priced from $300,000 to $399,999 in September. These 292 new condo listings at that price range represented a growth of 52.9% from the previous year. Meanwhile, the 214 condos listed at a value of over $1,000,000 also experienced a strong growth with a gain of 55.1% from 2012. However, condo listings ranging from $250,000 to $299,999 experienced the strongest growth of all, with a gain of 78.5% compared to September 2012.
New home listings were also robust in September. Of the 1,980 new homes listed last month, 13% (260 of them) were valued between $300,000 and $399,999, a growth of 52.9% from 2012. Similarly, new home listings ranging from $400,000 to $599,999 also experienced strong growth. The 216 new home listings last month represented a growth of 41.2% from 2012.
September 2013 – Miami-Dade Statistical Reports
For detailed statistical reports, please read the following:
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 29,000 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.