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Meanwhile, 154 condos and townhouses ranging from $200,000 to $249,999 were sold, up 60.4 percent from 2012. The 100 luxury condos and townhouses sold at $600,000 to under a $1,000,000 represented the largest sales increase with a surge of 63.9 percent compared with July 2012 figures.
The Miami market has experienced robust sales activity for nearly three years, yielding double-digit appreciation consistently during the last two years. As a result, sellers who were waiting to recover equity have recognized that now is a great time to sell. Despite the uptick in new listings, supply remains insufficient to satisfy demand, particularly in the lower price points.
Condo and town houses make up 59 percent of all Miami property listings. Of the 2,838 condos and townhouses listed last month, the 344 valued between $400,000 and $599,999 increased 82 percent compared to July 2012. The second fastest growing group of newly listed townhouses and condos were the 338 valued $150,000 to $199,999, which saw a 63.3 percent growth from the previous year.
Of the 1,948 single family homes listed last month, there were 232 whose asking price ranged from $400,000 to $599,999, an increase of 81.3 percent from 2012. Notably, there were 169 new listings for single family homes over $1,000,000, up 53.6 percent from last July's 110.
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For Sale: $125,000
For Sale: $239,900
For Sale: $195,000