Miami Real Estate Market Setting Records Not Seen Since 2005

by Isaac Benmergui, Esq on January 23, 2013

golf ball lies just above greenMiami Realtors are happy. The real estate market of the sunny coastal city is setting records not seen since the height of the real estate boom in 2005. The comeback of Miami’s real estate market was proven with a strong showing in 2012 as prices saw a double-digit rise in value and sales, despite a shortage of available properties on the market.

By year’s end in 2012, sales of single-family homes in Miami-Dade County were up 7.9 percent to 11,463, compared to 2011 which saw 10,625 sales. Condominiums sales increased slightly by 1.2 percent to 16,383 compared to 16,187 in 2011.

Realtors didn’t expect to set sales records due to their having to compete for available properties to sell. “The Miami real estate market continues to exceed expectations and generate optimism,” said 2013 Chairman of the Board of the Miami Association of Realtors Natascha Tello.  “While we expected the surge in demand to drive price appreciation, we did not expect prices to increase as soon and as strong as they did.”

Residential sales in Miami-Dade County increased 12.5 percent in December compared to 2011. The sales of existing single-family homes in Miami-Dade increased 16.4 percent, from 892 to 1,065. Sales of existing condominiums increased 9.8 percent, from 1,270 to 1,395, year-over-year.

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