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Miami Condo Sales Spiked 18.7% in April

by Lynda Fernandez, SVP of Public Relations | Jun 01, 2013

Housing Shortage, Strong Demand Favor Sellers

Miami has cemented its status as a sellers’ market due to intense demand amid a housing shortage. While new listings are coming on the market, supply remains insufficient to satisfy demand, benefi tting homeowners who have been waiting to sell.

Luxury condo sales in the Miami real estate market soared in April leading a growing demand for condominium properties, according to the 27,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system. In April, sales of condominiums priced above $1 million surged 61.3 percent compared to sales fi gures for April 2012. Total condominium sales spiked 18.7 percent this April compared to last year’s fi gures. Single-family home sales increased 15.2 percent last month compared to April 2012.

April’s sales fi gures mark 17 consecutive months of appreciation for both single-family homes and condominiums. The median sales price of single-family homes increased 23.7 percent to $225,000 year-over-year and remained month-overmonth. The median sales price of condominiums, which has signifi cantly increased each of the last 22 months, rose 17.1 percent to $175,000 compared to a year earlier and 4.8 percent compared to the previous month.

Compared to last year’s sales fi gures, the average sales price for single-family homes in Miami-Dade County this April increased 3.9 percent to $421,207, while the average sales price for condominiums increased 14.5 percent to $332,955.

More New Listings Necessary to Satisfy Demand

Active listings at the end of April dropped 2.1 percent, from 13,155, to 12,883, compared to April 2012, when the market was already experiencing a housing shortage. Inventory of single-family homes dropped 6.9 percent, while that of condominiums decreased 1.1 percent. At the current sales pace, there is 4.9 months of supply of single-family homes and 5.7 months of supply of condominiums in Miami-Dade, representing drops of 16.9 and 6.1 percent respectively compared to year-ago levels. Currently, there are 11,815 active listings in Miami-Dade County.

For the latest information on the Miami real estate market, go to http://www.miamire.com/news/press