Miami homes sold quickly and at closer to listing price in July

Single-family home sales again surged in July to 1,227 from 964 a year earlier, an increase of 27.3 percent.

“This is the highest monthly number of sales for single-family homes in Miami-Dade since the height of the boom in 2005,” according to the Miami Association of Realtors.

Condominium sales increased to 1,538 from 1,356, a 13.4 percent increase on the same time last year.

“The Miami real estate market continues to thrive as demand for housing intensifies and increasing inventory remains insufficient,” said 2013 Chairman of the Board of the Miami Association of Realtors Natascha Tello. “Miami is a global city that is not surprisingly attracting worldwide attention on many fronts. Residents, visitors, tourists and business enterprises want to be in Miami and experience all that our unique and vibrant city and market offer. This attention is driving our real estate market and our economy.”

July’s figures mark 20 consecutive months of appreciation for both single-family homes and condominiums in Miami. The median sales price of single-family homes spiked 25.7 percent to $230,000 year-over-year and remained the same compared to the previous month. The median sales price of condominiums, which has significantly increased each of the last 25 months, jumped 33.3 percent to $180,500 compared to a year earlier, but declined 2.7 percent compared to the previous month.

Compared to July 2012, the average sales price for single-family homes in Miami-Dade County increased 24.9 percent to $406,532, while the average sales price for condominiums increased 20.9 percent to $323,338.

Miami properties that are priced right are selling very quickly and yielding very high percentage of asking price. In July, the median days on the market for single-family homes and condominiums were 35 and 45 respectively, reflecting sales at a very rapid pace. The average percent of original list price received was 96.1 percent for single-family homes and 97.1 percent for condominiums.

“Active listings at the end of July increased 0.8 percent, from 12,547 to 13,583, compared to July 2012. Despite the slight increase in inventory, current active inventory remains insufficient to satisfy intense demand for Miami properties,” according to the association statement.

Cash is still king: In Miami, 60 percent of total closed sales in July were all-cash sales compared to 63.5 percent in July 2012. All-cash sales accounted for 43.3 percent of single-family home and 73.6 percent of condominium closings, compared to a year ago when cash sales were 44 percent and 77.4 percent of closed sales respectively.

“Since nearly 90 percent of foreign buyers in Florida purchase properties all cash, this reflects the much stronger presence of international buyers in the Miami real estate market. By comparison all-cash sales nationally accounted for 31 percent of transactions in July, down from 33 percent the previous month and 29 percent in July 2012,” according to the association statement.