According to the Miami Association of Realtors and local MLS systems, the property price for Miami homes have increased again in the month of September 2012 marking the tenth consecutive month of real estate value appreciation.
The median sales price for condominiums within the region increased by 36.2 percent from the previous year to $150,000 while the median sales price for single-family homes within the region increased by 8.6 percent to $190,000.
The Miami real estate market is definitely becoming much stronger as each month of the year passes even though the housing inventory is running short. In fact, the region has seen almost one full year of consistent real estate value appreciation which makes one thing very clear: the fact that now is certainly an ideal time for anyone to consider selling Miami homes since residential properties within the region are receiving great multiple offers from many interested buyers and are currently selling very fast.
During the month of September 2012, the average sales price for condominiums in the Miami-Dade County area increased by 30.2 percent to $277,774 while the average sales price for single-family homes fell by 6.1 percent to $315,521.
Even on a statewide level, people are seeing significant improvements as median sales prices for single-family homes within the state of Florida increased by 7.4 percent to $145,000 while the median sales prices for Florida condominiums increased by 18.8 percent in the month of September 2012. According to data, the national median sales price for existing homes for all housing types increased by 11.3 percent compared to the previous year for a value of $183,900.
The total number of residential sales that were made within the Miami-Dade County area had dropped by 3.4 percent compared to the previous year when the real estate market had achieved record sales levels. Existing condominiums within the area had decreased in sales by 6.7 percent from 1,395 down to 1,302 while the sales of single-family homes had increased by 1.6 percent from 903 to 917 compared to the previous year.
Foreign property buyers remain to be an important factor in the strengthening of the market for Miami homes and condominiums. In fact, the number of purchases being made by foreign property buyers keeps on increasing which further indicates that the region is indeed one of the best markets for foreign property buyers and investors in the United States. Miami homes and condominiums have even provided as much as 31 percent of all international purchases being made within the state of Florida and that marks a 10 percent increase compared to the sales figures generated in 2011.
Over the last twelve months, the residential listing inventory had gone down by as much as 24 percent from 15,264 to 11,595. As of the moment, the inventory supply within the region is expected to last for around 4.3 months.