Owner occupants have been slowly replacing out of state investors in Miami and Sunny Isles. Florida Realtors are reporting that the housing market ended 2013 with higher home sales and higher median prices compared to the year before. And that is good news for Miami and Sunny Isles Beach. 

Statewide home sales totaled 227,411 in 2013, increasing 11.8 percent from the previous year. Pending sales -- contracts and not completed sales -- for existing single-family homes increased 17.6 percent in 2013 compared to the previous year.  

The statewide median sales price for single-family existing homes was $168,000 in 2013, up 15.9 percent from 2012.  

The national median existing-home sales price was $197,100 in 2013, a 11.5 percent increase from the 2012 median of $176,800. This was the strongest gain since 2005 when it grew 12.4 percent. In Miami and Sunny Isles the prices rose almost 20 percent form last year. The positive fundamentals of Florida's housing sector shall continue into 2014, with Miami, Sunny Isles Beach, Hallandale Beach and Hollywood creating a particularly positive real-estate bubble.

The townhouse-condo market also enjoyed higher sales, with a total of 108,560 units sold in 2013, up 5.1 percent from the previous year. The statewide median price for townhouse-condos was $128,000, up 20.1 percent from 2012.  

Fourth quarter home sales totaled 54,845, increasing 4.7 percent from the same time period in 2012, according to the data. The statewide single-family existing-home price was $170,000 during the fourth quarter, up 13.3 percent from the previous year.  

Cash sales are declining but continue to dominate the market, which makes the real estate bubble in Miami immune from any possible downturn in the future.And continues to be good news for Miami.

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