There is a new boom in the South Florida real estate market, as prices and sales of homes and condos jump amid a flurry of new construction.
Strong demand and dwindling supply are propelling the median sales price of Miami-Dade properties, with condominium prices rising 26.9 percent in February to $165,000 compared to a year earlier.
And 6.5 percent compared to the previous month, according to figures released Thursday by the Miami Association of Realtors and the local Multiple Listing Service.
The median sales price of single-family homes in Miami-Dade rose 10.9 percent to $194,000 year-over-year and remained the same compared to the previous month.
The median sales price of single-family homes in Miami-Dade rose 10.9 percent to $194,000 year-over-year and remained the same compared to the previous month.
When people price homes fairly, they are getting sold quickly. Our inventory is shallow.
In February, 849 single-family homes sold in Miami-Dade, up 6.8 percent in a year, figures from the Miami Association of Realtors show. Sales of condominiums increased 6.3 percent to 1,226.
“The market is amazing,” said the Miami Association of Realtor chairmen. Inventory is generally less than six months across all price ranges throughout Miami-Dade and as low as one month for homes priced under $200,000.
Cesar Damink knows firsthand how hard it is to find the right home. During a four-month search, he made offers on five condos in Sunny Isles Beach, only to lose out to higher bidders, before finally getting a contract on a 1,300 square-foot Condo in Arlen House, Sunny Isles Beach. He hopes to close in May.
According to data from the Florida Realtors, the trend is spreading statewide, as sales of single-family homes rose 10.3 percent in February compared to a year ago. In addition, condominium sales were up 7 percent.
In Broward, sales of single-family homes rose 7 percent year-over-year to 969, down 6 percent since January, while the median price jumped 23.2 percent to $227,000 year-over-year, up 1.2 percent since January, according to the Greater Fort Lauderdale Realtors.
Sales of condos and townhouses in Broward increased 0.7 percent to 1,245 from February 2012 and up 5.1 percent from January. However, the median sales price rose by 17.3 percent to $88,000, down 7 percent from January.
To view complete Real Estate Listings in South Florida (MLS), go to my website
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Gladis Henriquez 305-281-8653 Optimar International Realty 18246 Collins Ave, Sunny Isles Beach, Fl 33160
