Resales of Miami-Dade county homes are red hot.
Sales of existing homes rose 23 percent in Miami-Dade in November from a year earlier, even as the inventory of residential property on the market remained tight, the Miami Association of Realtors said.
The median price of an existing condominium in Miami-Dade surged 31.7 percent to $158,000 in November from a year earlier, while the median price of a single-family home jumped 15.9 percent to $195,000.
Median home prices in Miami-Dade have marched higher for 12 consecutive months, buttressing views that the recovery in Miami-Dade’s beleaguered housing market is on solid footing.
“It appears the Miami real estate market will set another record in 2012, exceeding sales levels at the height of the boom in 2005 and during the all-time record in 2011,” Martha Pomares, chairman of the Miami Association of Realtors, said in a statement. “Considering the shortage of housing inventory available, it is remarkable that sales remain this strong. This record demand coupled with extremely limited supply is driving strong and consistent price appreciation.”
Cash continued to drive residential sales in Miami-Dade in November, accounting for 63 percent of transactions.
The inventory of previously owned homes inched up 1 percent to 11,862 units in November from October, but that represented a 19 percent decline from November 2011.
Distressed sales comprised 43.4 percent of all residential transactions in Miami-Dade in November, down from 56 percent a year earlier and 47.4 percent the prior month.
Properties are selling faster in Miami-Dade, too. The median days on the market was 43 fro single-family homes and 51 for condominiums. A more typical period is 90 to 120 days, the Miami Realtors said.
For all of Florida, sales of existing single-family home also continued to improve in November, rising 24.4 percent from a year earlier and median prices rose 11.2 percent. Statewide condominium sales rose 18.3 percent year over year with the median price of a condominium soaring 23.1 percent to $112,000.
Miami-Dade existing home sales, prices up again
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Miami-Dade existing home sales, prices up again
