Taylor Scott International News
The real estate market in Miami, one of the most popular US locations for overseas buyers, is going from strength to strength with properties selling fast and prices increasing. October marked more than four years of consistent monthly median sales price increases for both single family homes and condominiums, according to the latest data from the Miami Association of Realtors. The data also shows that the median sales price for single family homes increased by 10.4% year on year from $240,000 to $265,000. However, single family home and condominium prices remain at 2004 levels despite four years of consistent year on year increases. The median sales price for existing condominiums increased 8.1% in October to $200,000 from $185,000 a year ago. Miami-Dade County condo prices have risen in 52 of the last 53 months, a period stretching nearly four and a half years. ‘Miami real estate continues to attract international buyers from all over the world as well as a growing number of domestic consumers,’ said Christopher Zoller, the association’s residential president. ‘South Florida offers world class amenities, a top-tier arts and cultural epicentre, a diversified economy and more. The strong demand is leading to fewer days on the market for Miami single family homes while buyer offers are near asking price,’ he added. The average percent of original list price received for single family homes was 95.6% in October 2015, an increase of 0.3% from a year earlier. The median number of days on the market for Miami single family homes decreased 7% to 40 days in October 2015 from 43 days in October 2014. The median number of days on the market for condominiums sold in October 2015 was 59 days, a 1.7% increase from 58 days in October 2014. The average percent of original list price received was 93.8%, a 0.1% year on year increase. Total existing Miami-Dade County residential sales, including single family and condominiums, were consistent with historical averages despite experiencing a slight decline of 5.6%, from 2,712 sales in October 2014 to 2,559 last month. Single family home sales decreased by 4.4% year on year in October, from 1,204 to 1,151. Existing condominiums, which are competing with a significant rise in supply of new construction properties east of Interstate-95, had 6.6% fewer sales in October, decreasing from 1,508 to 1,408. The report points out that in addition to increased sales of new construction properties, Miami existing condominiums have been impacted by a lack of access to mortgage loans. Of the 8,523 condominium buildings in Miami-Dade and Broward Counties, only 23 are approved for Federal Housing Administration loans, down from 29 earlier this year, according to statistics released earlier this year from the Florida Department of Business and Professional Regulation and FHA. It adds that a new FHA policy, however, should qualify more South Florida condo buildings. Earlier this month the FHA announced plans to streamline the condominium recertification process, expand its definition of acceptable owner-occupied units to include second homes… Taylor Scott International
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