The Miami real estate market
continues to show progress. Broward county overall showed inventory absorption with an 18% decrease in the number of properties for sale over the first quarter of 2012. Sales showed a slight increase while prices rose on average 13.7%. The Miami-Dade overall outlook is similar with a slight uptick in the number of sales while price per square foot jumped 15.2%.
Turning to the luxury properties in Miami, residential properties in the $1–5 million range showed sales increases around 30% over the same quarter last year, outperforming the $5 million plus market and the $500,000 – $1 million bracket, which saw modest increases.
The Miami single family home market jumped 40%
in the number of homes sold, while prices increased 7.5%. The condo market posted gains as well, with the average price per square foot now averaging $721. The 33160 zip code area, which includes Sunny Isles and Aventura, continues to be the leader in the number of units closed, with a whopping 72.7% increase in sales over the first quarter last year while prices increased 8.3%. The Coconut Grove / Miami / Brickell market also saw big increases and the average price per square foot is hovering at the $500 mark.
In Broward county, the condo market in the $1–5 million range increased a dramatic 85.7%, sounding the signs of real recovery, where prices overall are still lower than most Miami-Dade markets.
The increases in this segment of the market show the return of the working wealthy, who have been mostly absent from the recovery so far. These buyers join a good number of foreign buyers still in the market primarily from Brazil, Venezuela, Canada and Russia. The emergence of financing in this market also contributes to the increases. Although the majority of sales are still cash, financing to these well qualified buyers is available from a variety of lenders.