Positive signs continued in the first quarter that the Miami residential market is on the
For the eighth straight quarter, overall median sales price in Miami-Dade County has gone up year-over-year. Current median sales price is $172,900, a 4.8% increase over a year ago.
The New York-based real estate information website that provides consumers detailed sales and rental information covering New York, the Hamptons, Northern New Jersey, South Florida and Washington, D.C., in order to help them make educated decisions, said there were 20% fewer condominium distressed sales since 1Q 2012 and 17% less single-family distressed sales.
Additionally during this time period, the number of closed transactions increased by 18.5%.
“As in so much of the country, inventory has been extremely tight. Couple that with increased demand from domestic and foreign buyers, and it’s no surprise to see not only an increase in median sales prices but also an almost 20% drop in distressed sales this quarter,” said Sofia Song, head of research at StreetEasy.com.
Other highlights from the report revealed that new development inventory has been slow to enter the market. This quarter, there was 45.8% few new development sales compared to a year ago. Yet, there were 33 closings this quarter that were above $3 million, a 136% increase over the prior quarter.
Also, condo resales rose 21.5% on a yearly basis with a 3.6% increase in median sales price for these housing units.
Lastly, 67% of all single-family homes sold this quarter were under $300,000. Overall, the median price for this type of property was $195,000 during the first quarter, nearly 19% more than the first quarter of 2012.
