November was a banner month for real estate in Miami, according to the Miami Association of Realtors.

Median sales price for single-family homes in Miami-Dade rose 19.2 percent year-over-year in November while condo prices rose by 14.5 percent, according to the latest numbers from the Miami Association of Realtors (MAR).

That’s the 24th straight month of increases for median sales price for both single-family homes and condos.

Miami Housing Market in November Stays Strong

Other important details from MAR’s report include:

• Housing inventory once again increased, with single-family home listings rising 11.4 percent and condo listings rising 1.9 percent.
• Moreover, total active listings were up 20.1 percent; there is now a 5.5-month supply of single-family homes and a 6.9-month supply of condos, both of which are healthy levels.
• Natascha Tello, MAR’s 2013 chairman of the board, said more consumers are listing their homes in Miami: “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,” she said. “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.”
• Home sales saw a bit of a decline, with single-family sales falling 2.4 percent year-over-year and condo sales falling 6.3 percent; average time on market, though, continued to fall, dropping 7.1 percent from last year to just 39 days.

Traditional Real Estate Making a Comeback

Perhaps most encouraging of all, November marked a strong return for traditional home sales in Miami. Sixty-three percent of single-family home sales last month were tradition, non-distressed sales, up from 54 percent a year ago; similarly, the share of REO and short sales fell from 21 and 25 percent in 2012 to 20 and 17 percent this year, respectively.

All told, traditional sales increased by 13.2 percent, while foreclosure sales fell 8 percent and short sales fell by 31.7 percent.