Miami, Florida's largest metropolitan area, has been experiencing a considerable amount of strengthening in recent months - and shows no signs of slowing down. As real estate records show flagging inventory levels and rising home prices, those looking to buy or sell a house in or around the southern city may be well-positioned to do so.
The Miami Association of Realtors (MAR) recently announced single-family homes saw substantial price appreciation during March, marking the 16th consecutive month such progress was noted for the area. Natascha Tello, chairman of the board for MAR, detailed the recent gains and offered her estimations for coming months, saying the improvement may continue.
"The Miami real estate market is experiencing comprehensive strengthening fueled by robust demand and limited supply," Tello said. "The local market has seen consistent double-digit appreciation for a significant number of months while inventory declines in every price point, reflecting the demand that exists for all types of Miami properties. Current market indicators coupled with buyer trends and Miami's worldwide appeal point to solid strengthening into the future."
According to MAR, median sale prices for single-family homes recently recorded in March averaged $225,000 - surging 16 percent from February totals, and more than 25 percent from figures seen in March 2012. This increase represents the largest year-over-year percentage increase for median sales prices since the precipice of the previous real estate boom in 2005. Meanwhile, the the average sales price for a single-family home in Miami-Dade County ticked up to $389,847.
Miami housing sales also improve significantly
In addition to rising property prices, the number of homes being sold increased considerably last month. MAR reported residential sales improved by 2.7 percent year-over-year in March. Specifically, existing single-family homes in Miami-Dade county increased 6.1 percent - moving up from 963 to 1,022 in March.
Organization representatives recently said that while conditions seem to be bolstering, further betterment my be inhibited by low inventory levels. The current inventory supply for single-family houses in Miami-Dade county is just over five months - representing a year-over-year drop of more than 19 percent. Additionally, there are just 11,995 presently active listings.
Growth seen statewide during March
The Miami metropolitan area wasn't the only region of the Sunshine State to experience improving housing conditions and a heightened sense of financial safety and soundness last month. Florida Realtors reported sales of existing-homes hiked 9 percent on a yearly basis, along with median sale prices which jumped more than 15 percent.
As March marked the 15th consecutive month of statewide median price appreciation, area consumers considering a property purchase may want to act quickly.