“The Miami real estate market is experiencing significant strengthening as we continue to see greater demand than supply”, – said  Chairman of the Board of the MIAMI Association of Realtors Natascha Tello.

She thinks, that “this trend continues to fuel double-digit price appreciation, countywide prices remain at 2003 levels,which makes our properties more affordable compared to many other metropolitan markets throughout the U.S. as well as other global cities. Miami prices is attracting both U.S. and international buyers and investors”.

According to the National Association of Realtors, the median sales price of existing single-family homes was $176,600 in the first quarter, up 11.3 percent from the first quarter of 2012.

The national median sales price for condominiums was $172,400, a 10,4 percent increase over the previous year. The statewide median sales price for single-family homes increased 13,4 percent to $153,000 in the first quarter, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. The median sales price for condominiums in Florida was up 18,4 percent compared to the same quarter last year at $116,000.

The Residential President of the MIAMI Association of Realtors Fernando I. Martinez said that the Miami real estate market is increasingly becoming more attractive for sellers.

“Strong demand is resulting in multiple offers even above asking price, and we are seeing greater increases for sales in the higher price points, while inventory in the lower price points has greatly declined. This reflects the fact that limited supply is hampering sales for more affordable properties”, – noted he.

Developers and real estate experts are optimistic. They said that Miami luxery real estate has proven to be a resilient market after rebounding with price increases, decreased inventories, and new luxury developments on the way.

About the MIAMI Association of Realtors: The MIAMI Association of Realtors was chartered by the National Association of Realtors in 1920 and is celebrating 93 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of four organizations, the Residential Association, the Realtors Commercial Alliance, the Broward County Board of Governors, and the International Council, it represents more than 27,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage.

Source: http://www.prweb.com