Unprecedented growth for Miami condo and family home market

Miami condo sales showing real growth

The Miami condo and single-family home market is enjoying a period of unprecedented growth, according to a new report from the Miami Association of Realtors and the local Multiple Listing Service system. In August, sales of condos jumped by 72.7 per cent, thanks to a 64 per cent increase in the closing of properties valued between  $400,000 (£251,288) and $999,999. During the month, 171 condos in Florida were sold between $400,000 and $599,999. This represents 73 per cent year-on-year growth. The higher end of the condo market also saw a marked improvement in activity, with 96 in the $600,000 to $999,000 bracket sold – 60.8 per cent higher than August 2012.

Meanwhile, the sale of single family homes valued between $250,000 and $399,999increased by 71.3 per cent year-on-year. Throughout the month 1,210 properties in this segment were sold in total, up from 1,051 in August 2012. This represents 15.1 per cent growth.  Of 281 sales, 139 properties were valuedbetween $250,000 and $299,999, an 80.5 per cent increase.

New listing numbers across multiple price ranges were also up.

Natascha Tello, 2013 chairman of the board of the Miami Association of Realtors, said: “Miami’s boom in the sale of single-family homes and condos across various price ranges is marking unprecedented growth in our soaring real estate market. Our double-digit growth in the new listings of homes and condos at multiple price points sends a strong message that now is the time for sellers to put their properties on the market.  Miami’s real estate market is definitely booming. The data clearly reflects there has never been a better time to invest in Miami.”

The city represents a particularly strong prospect for those looking to get into the holiday let market or expand their portfolio. Miami is one of the most popular cities for holidaymakers in the US. Official figures showed that in 2012, the number of overnight visitors increased by 3.5 per cent to a record breaking 13.9 million