Real estate experts are still crunching the year end numbers to quantify the rapid growth that the Miami real estate market is experiencing. Reports have been released by the World Property Channel announcing that in the fourth quarter of 2013, the housing market experienced an increase in number of sales compared to 2012 by .4% (5,227 total sales). Another increase was the average home price. Median prices for all housing types were the highest since their high-water mark in 2008, increasing by 14.3% to $240,000 compared to 2012. Single-family home prices were even stronger, reaching 14.8% higher than 2012. And condos increased by 13.1% during the fourth quarter. Even better news is that non-distressed market share increased 8.7% to 67.2% of the total Miami market.
Miami’s luxury real estate market continues to drive state economies
We’re excited to share in this growth and help the qualified buyers in the ONE SIR and Jill penman Group networks find properties with strong value in a market that’s on the rise. For more information on this story see the World Property Channel report released last week. And for more information on how you can enter the Coral Gables and Coconut Grove Real Estate market, please review all of our luxury listings & call us at 305-807-9199.
Work with a Miami specialist as you explore real estate opportunities in the lovely community, call today for a buyer or seller consultation with the Jill Penman Group at 305.807.9199. Our philosophy is that bigger is not better, better is better. We focus on the results that matter most to our clients and look forward to working with you.