In the wake of the housing market collapse, a number of local areas have struggled to get back to the level of activity seen at the market's peak. However, according to the Miami Association of Realtors, real estate in South Florida has made significant strides in recent months.
Real estate data from the industry group indicates that during the first quarter this year, the median sales price of a home in Miami-Dade County surged 14 percent from a year earlier to $174,799.
"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 MAR residential president Patricia Delinois.
Specifically, Delinois recognized local improvements in consumer confidence, job creation and the overall economy as the key factors behind the improved housing market.
As a result of the rising sales rate, the inventory in Miami-Dade County thinned 33 percent in the first quarter from a year earlier, as there were an estimated 12,027 active listings on the market at the end of March.