The Second Quarter 2013 Miami Residential Market Report reveals that the Miami market is continuing its momentum of market strength. For the ninth consecutive quarter, since 2Q 2011, Miami Dade’s overall median sales price has gone up year over year. Current median sales price is $219,000, a 25.1% increase since last year. This is the largest year-over-year median price gain since 1Q 2012. Average price also increased 13.9% since last year.
The Miami Residential Market Report is produced by StreetEasy.com, a comprehensive real estate information website. The report tracks the market trends of the greater metropolitan area with quarter-over-quarter and year-over-year comparisons.
“These price gains were driven primarily by strong condo resales and single-family home resales in Miami-Dade. When you separate out the housing types, the price gains are even more dramatic,” says Sofia Song, Head of Research at StreetEasy.com. According to the report, the median price for condo resales jumped 48.6% to $208K and single-family homes went up 24.3% to $230K since last year.
Some highlights of the Miami report include the following:
- New Developments– This quarter, there was 65% fewer new development sales compared to a year ago. This is a segment of the market that is truly constrained by the low inventory. Two-thirds of new development closings this quarter were under $300K.
- Condo Resales – This segment of the market had a decrease of 11.1% in the number of transactions this quarter compared to a year ago. However, average PPSF jumped 34.3% to $341.
- Single-Family Home Resales– 22% of all single-family homes sold this quarter were over $500K. Average PPSF climbed to $227, a 17% increase from a year ago.
StreetEasy.com’s partnership with DataQuick allowed the website to compile the recorded sales of residential properties that traded in the Miami-Dade County during Q2 of 2013.
In addition to overall Miami-Dade county data, the report also focused on six major markets of the greater metropolitan area, defined as such:
- Greater Aventura & Bal Harbour : Golden Beach, Sunny Isles, Ojus, Aventura, Bal Harbour, Bay Harbor Islands, Surfside, and Indian Creek
- Upper Miami Beach : La Gorce, La Gorce Island, Allison Island, Mid Beach, Nautilus, Bayshore, Sunset Islands, North Bay Road, Biscayne Point, Normandy Island, and North Beach
- South Beach & Fisher Island
- Urban Core : City of Miami (includes Downtown Miami & Brickell), Coral Gables, Key Biscayne, Pinecrest, and South Miami
- Southwest Miami Dade : Kendall, Doral City, Sweetwater, Tamiami, University Park, Westchester, Fountainbleu, and Coral Terrace
- Northeast Miami Dade : Miami Shores, North Miami, Biscayne Park, North Miami Beach, and Golden Glades
StreetEasy.com is a comprehensive real estate information website, providing consumers detailed sales and rental information and the tools to manage that information. The site has become the reference site for consumers, real estate professionals and the media and has been widely credited with bringing transparency to the New York City real estate market. The site covers New York City, the Hamptons, Northern New Jersey and has most recently launched in the South Florida, Washington, D.C. and Philadelphia markets.