Miami FL Real Estate Prices Are Steady On The Rise With Only 4 Months Worth Of Inventory Left
That’s right. Miami FL is definitely on top of the nationwide housing market as it continues to build up in terms of property value across the region even though the issue on shorts sales and distressed properties still exists.
Median Sales Prices: Climbing Up
According to the Association of Realtors and the Multiple Listing Service systems within the region, the median sales price for single-family homes within the region have climbed by as much as 14 percent in the first quarter of 2012 bringing the sum up to $174,799. Condominiums, on the other hand, have climbed by as much as 38 percent to a median sales price of $129,500. All of these values are compared to median sales prices gathered from the first quarter of 2011.
If you were to draw a comparison to the median sales price for single-family home properties and condominiums on the Miami FL real estate market on a year-over-year basis, the values we see today represent an increase of as much as 26 percent for single-family homes to $335,072 and 29 percent for condominiums to $257,346.
Miami FL Real Estate Sales Remain Strong
While many will feel that the increasing median sales prices which we are seeing across the region will have an impact on the amount of sales being achieved on the Miami FL real estate. market, people will actually find that the sales remain strong despite the fact that there has been a less than 1 percent in the first quarter of 2012.
Nevertheless, the sales of single-family home properties in the first quarter of 2012 have gone up by as much as 4.1 percent compared to the first quarter of 2011 while the sales of condominiums within the region have dropped by 4 percent.
Inventory Supply Continues To Decline
As of now, the inventory levels have dropped by more than 33 percent in the first quarter of 2012 compared to the year before. In comparison to the previous quarter, the decline indicates a drop of 13 percent which is still remarkable by any account.
People who are interested in being able to purchase Miami FL real estate properties within the upcoming months will want to keep in mind that there are only 4 months worth of inventory left now that there are only 12,027 active listings within the Miami-Dade County area today.
If you would like to make sure that you are able to get your hands on the best options within the region, you should get in touch with a real estate agent that can provide you with accurate data and information regarding your available options within the region.
Yaz Morgan
