MAR: Single-Family Home Sales Increase 21.8% in September

by Peter Thomas Ricci

October 22, 2013

Home sales were up in Miami, but more importantly, inventory was up as well.

Home sales were up 4.6 percent year-over-year in Miami-Dade, with single-family home sales rising 21.8 percent and condo sales rising 4.6 percent, according to the latest numbers from the Miami Association of Realtors (MAR).

Even more encouraging, though, was the progress in housing inventory, which rose 23.3 percent from last year.

Miami’s Housing Market in September

As always, MAR’s report was filled to the brim with fascinating stats about the Miami-Dade housing market:

Median sales price for single-family homes was up 18.4 percent to $225,000, while the median price for condo sales rose 21.3 percent to $181,875.
Active listings in September rose 14 percent from 12,500 in 2012 to 14,273 at the end of the month; that increase, though, was primarily driven by condos, which saw inventory spike 20.5 percent.
Median time on market in Miami remained quite low, coming in at 41 days in September; also, the average sales price for single-family homes was 95.9 percent of the listed price, up from 93.1 percent in 2012.
All-cash sales remain extremely prevalent, making up 61 percent of total closed sales (down slightly from 63 percent last year); 47.7 percent of single-family home sales were all-cash, as were 71 percent of condo sales.

“Now is a Great Time to Sell”

Fernando I. Martinez, the 2013 residential president of MAR, said September’s data underscores why Miami consumers should consider listing their homes.

“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,” Martinez said. “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.”

And MAR Chairman Natascha Tello noted that international demand for Miami housing remains high.

“The Miami real estate market continues to attract buyers from across the world due to the world-class amenities Miami offers,” she said, “coupled with the significant growth of the local real estate market over the last three years.”