The median price of an existing single-family home in Miami-Dade County rose 14.8 percent to $194,000 in January from a year earlier, according to the Miami Association of Realtors.
The median price of a condominium in Miami-Dade jumped 24.1 percent year over year.
Compared with December 2012, the median price for a single family home fell 9.4 percent in January and was off 4.9 percent for condos.
Sales of previously owned homes and condos in Miami-Dade rose 7.5 percent in January to 1,947 units. That included a 19.1 percent spike in the sale of existing single-family homes while condo sales were essentially flat, with a 0.3 percent increase in volume year over year.
The scenario was similar in Broward County, where the median price of an existing single-family home jumped 24.5 percent to $224,088 in January from a year earlier, according to the Greater Fort Lauderdale Realtors.
The median price of a condominium or townhouse in Broward increased 26.5 percent to $94,900 in January from a year earlier.
Sales of single-family-home in Broward increased 15.3 percent in January to 1,033 from a year earlier, while closings on townhouses and condos increased 10.7 percent year over year, the Realtors group said.
Extremely tight inventory continues to shape South Florida’s recovering housing market.
“There’s like nothing for sale. Inventory is so tight,’’ said Lisa Dority, an agent with REMAX/Advance Realty. “When something comes on the market, it’s a stampede with multiple offers and back-up contracts.’’
In Miami-Dade, the total inventory of residences available for sale plunged 10.7 percent in January to 13,316 from a year earlier, with single-family home inventory down 12.9 percent and existing condominium listings off 9.3 percent, the Miami Realtors group said.
In Broward, the number of single-family homes available for sale on the multi-listings service plunged 26.5 percent in January to 4,510 from a year earlier. The number of available listings of condos and townhouses on the market was down 11.2 percent year over year to 6,407 units in Broward in January, the group said.
The months of supply of existing single-family homes fell to 3.8 months in Broward, while the inventory of condos and townhouses shrank to 4.7 months. A six-month supply of homes for sale is considered a balanced market between buyers and sellers, while a lower level favors sellers, helping fuel price increases, Realtors say.
Broward homes are selling more quickly and for levels closer to their asking prices in Broward. In January, existing single-family homes fetched 93.4 percent of their listing price, up from 90.9 percent a year earlier. Condos and townhouses went for 93.8 perenct of their asking price, an increase of 1.4 percent from a year earlier.
The median days on the market was 48 for a single-family home, down from 53 a year earlier, and 42 days for a condo or townhouse, down from 43 in January 2012.
“I’m seeing strength right across the board,’’ said Charles Bonfiglio, president of the Greater Fort Lauderdale Realtors and head of AAA Realty Group. Many Broward residences are fetching multiple offers, frequently above the asking price, he said.
Statewide in Florida, sales of existing homes jumped 11.7 percent in January to 13,679 units from a year earlier, while condominium and townhouse sales totaled 6,670 units, a 2 percent increase year over year, according to the Florida Association of Realtors.
The median sales price for a single-family existing home across Florida rose 12.4 percent to $145,000 in January from a year earlier while the median price for condomiums and townhouses was up 18 percent year over year to $112,000, the Florida Realtors said.
South Florida existing home sales, prices rose again in January
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South Florida existing home sales, prices rose again in January
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South Florida existing home sales, prices rose again in January
