Sales and prices were both up by marked amounts for Miami-Dade in July, but most importantly, the county's housing inventory is making significant strides.

By Peter Ricci

Total residential sales in Miami-Dade increased 11 percent year-over-year in July, according to the latest stats from the Miami Association of Realtors (MAR).

That increase was from record numbers in July 2011, and more specifically, existing-condo sales were up 16.1 percent and single-family homes sales increased 5.3 percent for the month.

Miami Real Estate – Making Progress on Housing Inventory and Distressed Property Sales

In addition to sales, MAR’s report included very promising stats on Miami home prices and Miami’s distressed housing inventory:

• The median sales price for condos rose 15.2 percent from last July, and 2.8 percent for single-family homes. Year-t0-date, the median sales price for condos and single-family homes has risen 35.4 and 12.1 percent, respectively, and condo prices have risen for 13 straight months.
• Overall housing inventory in Miami-Dade continues to drop, falling 27 percent year-over-year in July and currently standing at just 4.4 months supply, compared to 6.5 months supply nationally.
• That inventory, though, is balancing out to a considerable degree with all the distressed property sales currently happening in Miami-Dade. In July, 47 percent of all closed residential sales were for distressed properties, down slightly from the 52 percent in July 2011 but up from 44 percent in June.
• Cash continues to be king, with all-cash sales accounting for 44 percent of single-family sales, 77 percent of condo sales, and 64 percent of total closed sales. Nearly 90 percent of international buyers in Florida pay in all-cash.

International Homebuyers in Miami

Martha Pomares, the 2012 chairman of the board for MAR, highlighted a number of the optimistic developments in Miami’s real estate market.

“The Miami real estate market continues to attract demand as inventory consistently decreases, yielding significant price appreciation,” Pomares said. “The condominium market in particular is performing quite well, as international buying activity continues to heat up in Miami. This trend is expected to continue long into the future, as Miami enjoys its status as a major global city.”