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October Home Sales Surge in Miami
Wednesday, December 12th, 2012
|October home sales surge in Miami
The sales of Florida homes picked up in Miami-Dade County in October, as conditions remained favorable for buyers.
According to the Miami Association of Realtors, residential sales were up 24.2 percent on a year-over-year basis. Even with a declining inventory, single-family home sales jumped 41.0 percent and the sales of condominiums increased 13.1 percent. Across the entire state of Florida, existing single-family home sales were up 25.3 percent on an annual basis. "Intense demand for Miami properties continues to fuel robust price appreciation," said chairman of the board of the MAR Martha Pomares. "Demand from investors, foreign and vacation buyers as well as U.S. and local residents remain very strong."
Additionally, the median price for single-family homes and condominiums both increased. The median sales price for a condo in Miami-Dade County was up 24.1 percent, while single-family homes saw a 5.8 percent price bump. On a statewide basis, the median price jumped 20.2 percent for a condominium and 9 percent for a single-family home. With sales increasing, the amount of homes for sale on the market continued to decline. According to MAR, the inventory in Miami-Dade County has declined 22.2 percent from 15,127 to 11,769 in the past year. This represents a 4.2 months supply of homes at the current sales rate.
As a result of the declining inventory, homes have been selling much faster. The median days on the market for a single-family home was 39 days in October, while condominiums lasted 43 days. The historic averages are 90 to 120 days on the market.
One of the main factors that has been driving the housing market has been record low mortgage rates.
Fixed mortgage rates hit new lows
According to Freddie Mac's latest Primary Mortgage Market Survey, fixed-mortgage rates hit new record lows in the week ending November 21.
The PMMS showed that 15-year FRMs fell from 2.65 to 2.63 percent. Last year at this time, they averaged 2.91 percent.
Additionally, 30-year FRMs averaged 3.31 percent, down from 3.34 percent in the previous week and 3.98 percent a year ago.
"Fixed mortgage rates continued to ease somewhat this week to record lows and should help the ongoing housing recovery," said Freddie Mac vice president and chief economist Frank Nothaft.
If mortgage rates continue to hover near all-time lows, South Florida homes could continue to fly off the market.
Real estate is local. For those looking at homes, knowing Florida's real estate market helps them know that buying a home in the Sunshine State is a great move. GL Homes understands Florida real estate and can help people target the best Florida homes for sale.