Miami-Dade County Real Estate Trends September 2013

Strengthened by foreign buyers and investors, the South Florida Real Estate market, much like prior months, recorded strong gains in September. The sustained price and sales increases are a solid indicator of the region’s market recovery following the real estate crash of 2007.

According to the Miami Association of Realtors, the median price of a single-family home in Miami-Dade County was $225,000 in September, up from $190,000 a year ago, an 18.4 percent increase. Closings are up too, the 1,108 closings this past month, up from 910 a year prior, represent a staggering 21.8 percent increase.

The strengthening market is not limited to the single-family homes sector, as condominiums in Miami-Dade County have posted strong year-over-year gains as well. Median condo sales prices have increased to $181,875, a 21.3 percent gain over last year’s mark of $150,000. While the increase in closings does not necessarily mirror the rising prices, they are up a steady 4.6 percent to 1,352, up from 1,292 a year prior. If you are in the market for a Miami condo, you had better be able to bring cash to the table as 71 percent of all closings were cash deals.

Miami-Dade County, arguably amongst the most affected by the real estate bust, is showing strong indicators of a stable and robust market. Condominiums have seen 27 consecutive months of year-over-year price increases, with single-family homes reporting similar increases for the past 22 months. The inventory supply, which at less than six months is regarded as a seller’s market, remains relatively balanced. Miami-Dade County condominiums reported a 6.3 month supply, while the market for single-family homes currently reported a 4.9 month supply.

While year-over-year gains have remained strong, sales have moderated from the peak August 2013 month. However, year-over-year comparisons are often more meaningful as there are variable market fluctuations from month-to-month.

With both condos and single-family homes having such limited inventory, now is the time to buy or sell. Buyers are now able to put the bottom of the market behind them and jump on board to ride the thriving Miami Real Estate market up. Sellers, on the other hand, are finally in the drivers seat when it comes to dictating price and terms for their sale. If you, or someone you know, would like to buy or sell in Miami, please contact me. I appreciate the opportunity to earn your business.