Single-family home and condo listings in Miami-Dade County grew 24.8% year-over-year in January, as filings grew from 2,746 filings in January 2011 to 3,426 listings, according to the Miami Association of Realtors.
In addition, pending single-family home sales for the month jumped 46.4%, while condo sales increased 13.6% over the previous year.
“Pending sales, which typically predict future closing activity, continue to rise in Miami-Dade County,” said Martha Pomares, 2012 chairman of the board of the Miami Association of Realtors. “After a record sales year in 2011, our inventory levels declined sharply. Current trends continue to reflect demand for Miami real estate.”
Southern Florida realtors claim they are being hit with an influx of demand for properties – a factor that’s pushing home prices higher.
The Miami Association of Realtors said the median price of a South Florida condo jumped 36% to $122,500 in January from $90,074 a year earlier. Meanwhile, the median price on a single-family home grew 13% from $150,443 in January of last year to $170,000 last month.