Miami Housing Market Enjoys Robust Price Increase in 1Q

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(Miami, FL) -- According to the Miami Association of Realtors, limited housing supply in Miami-Dade County coupled with heightened demand fueled robust price appreciation in the first quarter of 2012. This was in spite of a significant percentage of closed home sales being short sales and REOs (bank-owned) properties.

Median and Average Sales Prices

The median sales price for single-family homes in Miami-Dade County rose 14 percent to $174,799 in the first quarter of 2012 compared to the first quarter of 2011. The median sales price for condominiums was $129,500, a 38 percent increase year-over-year.

"In the first quarter we have seen further decline of housing inventory in Miami-Dade County coupled with consistent and significant price appreciation," said Martha Pomares, 2012 Chairman of the Board of the Miami Association of Realtor.  "Record home sales, which were greatly boosted by foreign buyers and investors, in Miami-Dade County have further strengthened the local real estate market and economy."

Single-Family Homes Sales Rise

Miami-Dade residential sales - including existing single-family homes and condominiums - decreased a negligible one percent in the first quarter of 2012, from 5,910 to 5,869, compared to a year earlier.  Following a record-breaking year in 2011, sales in Miami remain at historically strong levels despite the slight decline.  In the first quarter, Miami sales of existing single-family homes increased 4.1 percent compared to a year earlier.  The sales of existing condominiums decreased four percent compared to the first quarter of 2011.

"While we are fortunate to have seen such a rapid and robust recovery in Miami, loosening unnecessarily tight credit conditions would further benefit our market," said Miami Association of Realtors Residential President Patricia Delinois.  "Considering that we are seeing consumer confidence, job creation, and the economy improve, Miami is poised for growth that will positively impact the local real estate market long into the future, particularly if qualified buyers are able to purchase homes."

Inventory Levels and Months of Supply

Total housing inventory in Miami-Dade County decreased more than 33 percent year-over-year and 13 percent compared to the previous quarter.  Currently, there are 12,027 active listings in Miami-Dade County.