Miami’s housing market is finally beginning to fire on all cylinders – though full speed may be a ways away.

It’s been a long road for home buyers and sellers in Miami. Much like other major metropolitan areas in the U.S., the real estate market in one of Florida’s most vibrant cities has been scratching and clawing, desperately trying to make it’s way back above the waterline – and it’s paying off.

Throughout April, not only did Miami agents benefit from a steady, albeit slow increase in home prices, but inventory also rose, according to a collaborative report from MIAMI Association of REALTORS and the local Multiple Listing Service system. Median sale prices for single-family homes, as well as condominiums, increased by an impressive 8 percent, bringing the value to $243,000 – up $18,000 from April 2013.

Demand and Inventory Working to Strike a Balance

The report goes on to detail the exact figures behind Miami’s much appreciated April, adding credence to the fact that despite strong demand, the market is beginning to stabilize:

• Single-family homes in the city are being sold quickly, many near or at their asking price. The median number of days on the market is 43, a 2.4 percent increase from April 2013.
• The improvements to the market can be seen in the increased confidence of sellers. At the end of April, active listing were up 32.5 percent from the same time last year.
• Inventory for single-family homes dwarfed last April’s numbers by 23.7 percent, increasing the number of available properties by more than 1,000. Condominium inventory similarly rose by 37.8 percent.

Is Stability Sustainable?

While April’s growth marks yet another step in the right direction for Miami, how can we be certain these trends will continue? The short answer is: we can’t. However, there’s good evidence to suggest they will.

“The Miami real estate market currently offers opportunities for both buyers and sellers,” said Francisco Angulo, residential president of Miami Association of Realtors. “Sellers have recovered equity and confidence lost during the downturn, while buyers have many properties to choose from in all price ranges.  Further, Miami real estate remains affordable, particularly when compared to other major U.S. and international markets.”

With Miami’s residential inventory slowly building to meet the consistently high demand, sellers are being afforded more confidence. It’s certainly not yet a “buyer’s market,” but with a continued influx of properties, price no longer belongs to the seller.