MAR: Median Sales Price in Miami Up 15% in December

by Peter Thomas Ricci

January 27, 2014

December was yet another strong month in Miami real estate, according to the latest analysis.

Miami’s housing market capped off its sterling 2013 performance with a strong December, according to the latest analysis by the Miami Association of Realtors (MAR).

Single-family home sales for the month, MAR reported, were up 9.8 percent year-over-year, while condo sales rose 2.2 percent. In addition, the median sales price for single-family homes and condos rose 15 percent and 7.4 percent, respectively, though the average sales price fell 14.1 percent and 4.7 percent.

Miami’s Real Estate Market in December

There were other positives to Miami’s market in December, especially in the way of inventory:

Single-family home listings rose a striking 24.4 percent from last year, while condo listings rose 11.9 percent; as of the end of December, active listings in Miami were up 20 percent to 15,963, with single-family inventory rising 19.7 percent and condo inventory rising 27.2 percent.
Single-family home inventory is up to a 5.6-months supply, while condo inventory is at a very healthy 7.0 months-supply.
Time on market for single-family homes remained brief at just 41 days, which is down 2.4 percent from last year; furthermore, the average sales price was 96.3 percent of the listed price, up from 94.2 percent a year ago.
For condos, though, time on market actually increased a bit to 52 days, a 13 percent uptick from a year ago; however, condos did sell for 97 percent of the listing price.
Traditional sales continued to make up a larger piece of the pie. In December, 62 percent of all single-family home sales were traditional, while REO and short sales were 21 and 17 percent, respectively. That’s a notable change from last December, when traditional sales were 56 percent and REO and short sales were 20 and 24 percent.
Finally, all-cash sales actually declined by yearly measures, falling from 64 percent of total closed sales in Dec. 2012 to 57 percent in Dec. 2013; still, 41 percent of single-family sales were all-cash, as were 70 percent of condo sales.

“Miami Continues to Mature”

Liza Mendez, the 2014 chairman of MAR, said a number of factors have gone into Miami’s growth as a housing market and as a city.

“The strength and vitality of the Miami real estate market is certainly encouraging and exciting,” Mendez said. “Both international and domestic buyers want to be in Miami because of our great weather, multicultural environment, global business opportunities and enviable lifestyle. Miami continues to mature as a world-class, global metropolis, attracting worldwide attention that is boosting the local market and economy.”