A new report from MIAMI and the local MLS paint Miami as one of the nation’s most active markets.

Miami continued showing its strength in March, as international and domestic buyers fueled another month of improving sales, prices and inventory, according to a new report from the Miami Association of Realtors (MIAMI) and the local MLS.

Coming off a record breaking 2014, single-family home transactions impressed, increasing 10 percent year-over-year from 1,129 to 1,242. Condominium sales, which had a similarly (if not quite as impressive) 2014, jumped 4.2 percent from the same time last year, bumping up total figures from 1,413 to 1,472. Sales for both property types combined to improve 6.8 percent.

In a show of great demand, not only did sales increase, but prices did, as well. For single-family homes, the median sales price increased 10.6 percent to $260,000. MIAMI reported the figure as “affordable,” but it sits nearly $40,000 above the national average.

Hitting 45 consecutive months of growth, condo prices also rose, surging 7.5 percent year-over-year to $215,000.

One of the Nation’s Most Popular Markets

MIAMI researchers evaluated several aspects of the market in their report, and findings reflect an abnormally strong market, where rising prices have hardly been stifled by an improving inventory. It’s performing as “one of the most popular” markets in the nation, according to the report.

• Miami single-family homes and condominiums continue to sell close to asking price, reflecting a strong consumer demand. The median number of days on the market for single-family homes sold in March 2015 was 54 days, an increase of 14.9 percent compared to the same period in 2014.
• The average percent of original list price received was 94.6 percent, down a negligible 0.3 percentage points from a year earlier.
• Active listings at the end of March increased 8.2 percent year-over-year, from 16,879 to 18,266.

An Outpouring of Demand

Situated one of the country’s most attractive coastlines, Miami is a beacon for investors and buyers looking to relocate the world over.

“Miami continues to attract international and domestic homebuyers looking to live in a global city with world-class amenities and a diversified economy,” said Christopher Zoller, 2015 residential president of MIAMI. “Buyer demand in Miami properties is leading to more sales and higher sale prices.”

Some experts fear the market could be overvalued – or at least approaching overvalued – but demand and inventory are expending nearly simultaneously, which helps moderate the pace of growth. As more sellers look at a market thriving, they’re more inclined to list their own property, which will not only provide hungry buyers more options, but also translate to less competition and, ultimately, more sustainability and affordability.