Quarter 1 Market Report for Miami Beach 2012

By
Real Estate Agent with ONE Sotheby's International Realty

Total inventory in Quarter 1 of 2012 is down to just 69% of last years 2732 total active listings.

With a total of 1602 Condominium units for sale and 289 Single family homes, priced from $30,000 for a beach cabana to $35m for a 6 bedroom penthouse at the Continuum, or a stunning 7 bedroom homeon Star Island Miami Beach has made a remarkable rebound from the housing crash.

Bank owned properties, REOs, account for 2.6% of the listed properties and short sales just 5%, as opposed to the 14% they represented exactly one year ago.

Sale prices are also up dramatically with condominiums up an incredible 30% and single family homes following on at a 23% rise year on year.

The first quarter this year saw Miami Beach condominiums sell at a median price of $240,000 ($185,000 in 2011) and the median price of single family homes was $926,000 ($752,900 in 2011)

Sales have largely been driven by international cash buyers, a combination of a strong Canadian dollar, a booming Brazilian economy and for other Northern American States the fact that there are no State taxes in Florida has made it an ever appealing place for wealthy New Yorkers to move to. In addition with mortgage rates at their lowest ever on record the pendulum has surely turned in a positive direction.

www.BritishMiamiRealtor.com

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