Miami Sets New Sales Records In 2014

The Miami Association of Realtors reported that the property price growth in Miami in July 2014 was fueled by domestic as well as foreign property buyers. The Association also noted that the demand for new construction properties continued to grow.

In July, the median sales prices increased once again for both single family homes as well as condominiums. However, prices continued to be affordable and at par with the rates prevalent in 2004 in spite of the fact that the prices of condominiums increased consistently for the past 37 months and that for single family homes rose for the last 32 months.

In July 2014, the average sales price of condominiums rose by 6.9% to $345,610 from $323,338 and that of single family homes increased by 19.7% to $486,820 from $406,532 on year-over-years basis.

In terms of the number of units, the sales of condominiums declined 8.8% to 1, 403 in July 2014 from 1,538 in the same month last year. However, the sales of single family homes in Miami-Dade County rose 9.5% in July 2014 to 1,280 from 1,169 in July 2013.

In July 2014, cash sales declined as the availability of financing improved and short sales decreased because of a reduction in distressed property transactions. Furthermore, properties for sale were listed more frequently as seller confidence improved following three years of record sales.

Francisco Angulo, president of the Miami Association of Realtors said that the current momentum in the real estate market in Miami is expected to continue as job growth as well as other economic factors improve.

 

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