Miami Real Estate Market Achieves Third Consecutive Sales Record

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According to the National Association of Realtors and Florida Realtors, the Miami Real Estate Market has earned its third consecutive sales record, surpassing previous records by 8%.

While much needed new listings increased significantly in 2013, strong demand for Miami real estate resulted in a third consecutive record sales year and two years of double-digit price appreciation, according to the 31,000-member MIAMI Association of REALTORS (MIAMI) and the local Multiple Listing Service (MLS) systems.

There were 30,041 homes and condos sold in Miami-Dade County in 2013, setting a new annual record that is 8.0 percent higher than the previous record set in 2012. Sales of single-family homes last year totaled 12,901, an increase of 12.5 percent compared to the previous year’s total of 11,463.  Condominium sales increased 4.6 percent, from 16,383 in 2012 to 17,140 in 2013.”

According to 2014 Chairman of the Board of Miami Association of Realtors Liza Mendez, “Record demand for Miami properties from both domestic and international buyers resulted in another sales record in 2013. We expect strong demand to continue in 2014 for Miami real estate but are encouraged that more homeowners are listing homes for sale, creating more balance between buyers and sellers.”

“Active listings in Miami-Dade County at the end of 2013 totaled 15,963, representing an increase of 24.2 percent compared to the 12,844 active at the end of 2013.  At the current sales pace, this reflects 5.6 months of inventory for single-family homes and 7.0 months for condominiums.  Months supply of inventory increased 6.4 percent for single-family homes and 21.6 percent for condominiums compared to 2012.”

Info courtesy of National Association of Realtors and Florida Realtors, photo courtesy of miamiriches.com

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