Miami’s real estate is still booming

It’s not just the weather and beautiful people that are hot in Miami, as the city’s real estate sector records more rapid growth for prices and sales.

The Miami Association of Realtors (MAR) has revealed that January sales were 7.5% above that recorded for the year previously.

More impressively, the rise notches up 14 consecutive months of increases and underlines the improving state of the nation’s property market after several years in the doldrums following the economic crash in 2008.

MAR says that the demand for property is coming from domestic as well as foreign buyers.

They also say that most properties are selling quickly which reduces the supply and which in turn is helping to increase prices.

The figures reveal that Miami’s real estate is a seller’s market.

The members of MAR say that 2013 has begun strongly with most seeing a rise in sales amid a limited supply of housing.

When the figures are analysed the most popular properties being snapped up are family homes which saw sales rocket by 19% year-on-year.

Apartment sales notched up slightly by 0.3% in the same period.

Natascha Tello, chairman of the board of the Miami Association of Realtors said: “The consistent strengthening and improvement of the Miami real estate market is generating much excitement and attention both domestically and internationally.

“We expect prices to continue to rise as a result of the significant demand that currently exists for both sales and rentals.”

She added that while new property sellers were coming to the market they weren’t in sufficient numbers to satisfy the demand from buyers.

Mrs Tello said it was also significant that there were few listing of new properties in the bottom end of the market.

Sales are also on the upper cross Florida which saw family homes rise by nearly 12 per cent in the last year and apartment sales increase by 2%.

It underlines the success of real estate in Florida since nationally real estate sales rose by 0.4% in January and there was a rise of 9% in the US in the previous 12 months.

The association’s latest figures show that the average prices for apartments are now £103,000 while the cost of buying a family home has risen to £129,000.

Across the state, the average cost of an apartment is £74,500 and for a single family home it is £96,500.

Mrs Tello said the sellers who are doing well are pricing their properties at the right level and, as a result, they are selling them more quickly and are attracting several offers from buyers.