Yesterday’s national news touted continuing real estate market improvement. The local trend mirrors it as well. The Miami Herald is reporting that “amid an exceptionally tight inventory of residential properties for sale, October sales of existing single-family homes spiked 41.9 percent in Miami-Dade from a year earlier to 1,142 units while the number of condo resales climbed 13.1 percent to 1,437 units year over year.
The median price for an existing single-family home in Miami-Dade rose 5.8 percent to $185,000 in October from a year earlier, underscoring the housing recovery is well rooted. For condos, the median price jumped 24.4 percent to $146,000.”
I reported these same positive trends when I posted Coral Gables and Coconut Grove October sales reports. Low mortgage rates are among key drivers of the housing demand. While low inventory is influencing reduced time on the market. It’s a strong combination helping us bounce back.