Miami, FL – The Miami real estate market continued to grow in November as increased and properties sold fast and near asking price, according to the 31,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system.
November marked two years of consistent monthly increases in the median sales price for both single-family homes and condominiums.
Last month, the median sales price for existing single-family homes spiked by 19.2 percent, up to $232,500 from $195,000 in 2012. Meanwhile, the average sales price for single-family homes decreased slightly to $366,309 last month from $372,564 in November 2012.
Existing condominium prices also experienced strong appreciation during the same period. Compared to November 2012, the median sales price for condominiums increased 14.5 percent to $180,000 from $157,250. The average sales price for a condominium was $311,323 last month, up 9.1 percent from $285,419 during the same period last year.
More New Listings on the Market
Listings of single-family homes saw a growth of 11.4 percent up to 1,754 new listings in November 2013 from 1,575 during the same period last year. Further, there were 2,416 new condominium listings last month, an increase of 1.9 percent from 2,372 in November 2012.
“The double-digit growth in the listings of single-family homes and condos reflects the fact that homeowners are realizing it’s a good time to sell,” said 2013 Chairman of the Board of the MIAMI Association of REALTORS Natascha Tello. “Following the success of Art Basel, the Miami real estate market continues to attract international buyers from all parts of the globe as well as domestic buyers because of our unparalleled lifestyle, cultural opportunities and the robust growth in our local real estate in recent years.”
Combined sales of single-family homes and condos in November were consistent with historical averages despite experiencing a slight combined decline of 4.2 percent from 2,256 sales in 2013 compared to 2,356 during the same period in 2012. Meanwhile, combined listings for single-family homes and condos saw a strong growth of 5.6 percent up to 4,170 from 3,947
There were 982 single-family home sales in November, a slight decrease of 2.4 percent from 1,006 during the same period last year, but in line with historical trends. Meanwhile, condominium sales declined 6.3 percent over the same period, from 1,359 sold in November 2012 to 1,274 condominiums sold in November 2013. Similarly, this was consistent with historical trends for condominiums this time of year.
“We continue to be encouraged by the robust performance of the Miami real estate market,” said 2013 MIAMI Association of REALTORS Residential President Fernando I. Martinez. “Strong demand continues to fuel strong price appreciation and offers that are close to asking price. Yet, despite such growth, median sales prices remain what they were in 2004, which means buyers can still find desirable real estate at affordable prices.”
National and State Figures
Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops decreased 4.3 percent from October and were 1.2 percent below what they were in November 2012, according to the National Association of Realtors. Statewide closed sales of existing single-family homes totaled 16,620 in November, down 1.2 compared to the year-ago figure, according to data from Florida Realtors. Statewide sales of condominiums totaled 7,576, down 7.1 percent from November 2012.
The national median existing-home price for all housing types was $196,300 in November, a 9.4 percent increase from October 2013, according to NAR. The statewide median sales price for single-family existing homes last month was $169,900, up 13.3 percent from the previous year, while that of townhouse-condo properties was $131,299, up 17.2 percent over the previous year.
Active Listings Increase, Market Continues to Favor Sellers
Active listings at the end of November increased by a striking 20.1 percent, from 13,095 in 2012 to 15,730 last month. Inventory of single family homes increased 14 percent from 5,156 in November 2012 to 5,879 last month, while that of condominiums increased by a robust 24.1 percent to 9,851 from 7,931 active listings during the same period last year. At the current sales price, there is a 5.5 month supply of single-family homes, practically unchanged from 5.5 months a year ago. Meanwhile, there was an inventory of 6.9 months of condominiums, up from 5.9 months during November 2012, an increase of 17.9 percent.
At the end of the November, total housing inventory nationally declined 0.9 percent to 2.09 million existing homes available for sale.
Miami Real Estate Selling Fast, Close to List Price
November’s data reflects that Miami real estate is being sold quickly, an encouraging sign of strong demand from buyers.
The median number of days on the market for single-family homes sold in November 2013 was just over a month, 39 days, a decrease of 7.1 percent from 42 days the prior year. In addition, the average sales price was 96.1 percent of the listed price, up from 93.7 percent the prior year, indicating that single-family homes are being priced right.
Strong Growth in Traditional Sales
Condominiums also sold at a rapid pace and close to their asking price in November 2013. Condominiums sold in November had been on the market for just 44 days, a decrease of 12 percent from 50 days during the same period last year. Meanwhile, selling prices for condominiums were 96.4 percent of the listed price last month an improvement from 96.2 percent in November 2012.
Double-Digit Growth in Traditional Sales
Compared to the same period in 2012, the number of traditional sales significantly outnumbered REOs (bank-owned) and short sales. In November 2012, traditional single-family home sales accounted for 54 percent of all sales and REO and short sales were 21 and 25 percent, respectively. Meanwhile, last month, traditional single-family home transactions were 63 percent of all single-family homes sold in Miami. Further, REO and short sales were 20 and 17 percent, respectively.
In addition, in November 2013 there were 617 traditional real estate sales in the Miami real estate market, a significant growth of 13.2 percent from the 545 traditional sales during the same period in 2012. Foreclosure sales declined by 8 percent, from 212 in November 2012 to 195 last month. In addition, short sales experienced a double-digit decline of 31.7 percent from 249 in November 2012, down to 170 last month, a continued sign of a strengthening real estate market.
Nationally, distressed homes again accounted for 14 percent of November sales.
Decline in Cash Sales
In Miami-Dade County, 56 percent of total closed sales in November were all-cash sales, compared to 62 percent in November 2012. All-cash sales accounted for 47 percent of single-family home and 73 percent of condominium closings, compared to a year ago when cash sales were 45 percent of single-family home sales and 75 percent of condominium sales.
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 32 percent of transactions in November, up from 31 percent the previous month and 30 percent in November 2012.
Access November 2013 – Miami-Dade Statistical Reports: SFMarketIntel.com
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 five organizations, the Residential Association, the Realtors Commercial Alliance, the Broward County Board of Governors, the YPN Council and the award-winning International Council, it represents more than 31,000 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 official partnerships with more than 115 international organizations worldwide. MIAMI’s official website is www.miamire.com.
