PROPERTY
MARKET TRENDS
Carlton International Realty 901 Brickell Avenue Ste. 900 Miami, Florida 33131 877.837.6117
CARLTON
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The median sales price of Miami-Dade County condominiums jumped by 40.4 percent in February compared to the same period in 2011, according to data from the Miami Association of Realtors. The median sales price of single-family homes rose 19 percent to $175,000. “Miami home prices have rebounded sooner and stronger than predicted, which is a very encouraging sign for the Miami real estate market,” said Martha Pomares, 2012 Chairman of the Board of the Miami Association of Realtors. “Months of supply of inventory has dipped below 5 months, as housing inventory continues to dwindle. Limited supply should further strengthen home prices.” The average sales price for single-family homes increased by 15.4 percent in the period, with the average sales price for condos 26.3 percent. — Alexander Britell
It was an impossible dream just a few years ago, but the selloff of Miami's new construction inventory could be complete by the end of 2012, brokers say.
The developers behind a new wave of condominium towers either under construction or in the planning stages are motivated by Miami's drastic drop in residential inventory. Right now, we're watching the rapid completion of the selloff of the remaining inventory that was built from 2005 to 2008, said ISG's Philip Spiegelman. At the pace we're on, the selloff will be finished by the end of the year; we'll have absorbed everything that all the pundits said would last us another 10 to 12 years.
A recent report from Condo Vultures shows less than 1,750 units remaining under the control of their original developers at the end of 2011.They were being absorbed at a pace of 150 developer condo sales per month, according to Condo Vultures data.
The inventory drop has caused a significant increase in Miami home prices, while the rest of the country is seeing
quite a different trend
I think the thing that sticks out the most is the limited inventory, The market has shifted to the degree that it�' getting hard just to purchase units. Most of the units have already sold, he said. We have to get really close to the asking price, and, in some cases, in order to get the unit, we have to go over the asking price.
40% JUMP
