The real numbers for the first quarter are in and they all point to real recovery. The latest issue of TRENDS ‘1st Quarter 2013 Update’ offers a comprehensive analysis of the activity in Miami-Dade and Broward counties from January through March. Overall sales continue to increase along with prices, which rose an average of 13.7%. Inventory continues to be absorbed quickly in both counties and there has been an 18% decrease in the number of properties for sale compared to the first quarter in 2012.
In the luxury sector of Miami-Dade, sales of properties in the $1-$5 million rage showed a 30% increase. Condos also did well, and now the average price per square foot is averaging $721. Condos in Coconut Grove, Miami and Brickell continue to sell, and Aventura has the most condo units closed with a 72.7% increase in sales over last year. Broward’s $1 million – $5 million condo sector had an extremely significant rise with an 85.7% increase in sales.
Overall both the Miami-Dade and Broward markets continue to show stability with the majority of higher priced sales in cash. International buyers are still strong but we have recently seen the return of the working wealthy start to make investments.