Median sale prices for single-family homes and condominiums increased in February, according to a recent release from the Miami Association of Realtors (MAR), which noted that February became the 27th consecutive month of increases in home prices.
The median sales price for single-family homes jumped to $227,000 from $194,000 in Feb. 2013, a 17 percent increase. Likewise, the average sale price for single-family homes grew to $415,312 from $389,368 in Feb. 2013, a 6.7 percent spike.
Likewise, the median condominium sales price increased in February for the 32nd month in a row, with the median sales price rising to $177,000 from $165,000 year-over-year, a 7.3 percent increase. The average sales price for condominiums jumped to $337,382 from $304,472 in Feb. 2013, a 10.8 percent jump. In Florida, the median sales price for single-family existing homes rose 10 percent year-over-year in February, up to $165,000.
Meanwhile, statistics indicate that buyers in the market for single-family homes are responding well to the price hikes; compared to Feb. 2013, time on the market for single-family homes dropped 2.1 percent in February to 47 days. On average, 95.2 percent of the list price was agreed upon, a modest 1.4 percent increase from the 93.9 percent mark in Feb. 2013. The median time on the market for condominiums, however, increased 18.8 percent year-over-year at 57 days. Furthermore, 95 percent of the asking price was received, though this was actually a year-over-year decrease of 0.8 percent.
“Despite the recent increase in inventory, sales activity remains at historically strong levels, resulting in rising prices,” said 2014 MAR Chairwoman Liza Mendez. “While additional inventory is creating a more balanced market, the fact that homes continue to sell fast and almost at asking price is still indicative of a seller’s market.”
Residential sales declined 1.9 percent last month, down to 2,046 after totaling 2,075 in Feb. 2013. Condominium sales account for the decline, slipping 4.1 percent to 1,176 after reaching 1,226 the year before. On the other hand, single-family home sales rose to 860, a 1.3 percent increase from the 849 sales registered in Feb. 2013. According to the National Association of Realtors, residential sales across the country dropped 7.1 percent from their Feb. 2013 mark.
A sign of increased comfort in the market, active listings jumped 26.8 percent, up to 16,836 in February, compared to 13,280 a year earlier. The increase is well-represented in new listings of both single-family homes and condominiums, which rose 10.6 percent year-over-year and 11.3 percent year-over-year, respectively.
The sale of distressed properties in Miami-Dade County dropped significantly, compared to Feb. 2013; last month, just 36 percent of closed residential transactions were distressed, down from 42.2. Last month, cash sales continued to account for a majority of transactions in Miami-Dade County – 62.5 percent – but this number was slightly down from the 66.5 percent of all-cash transactions in Feb. 2013.