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Miami Real Estate Market Continues Strong Performance in 4Q

by | Feb 21, 2015
As evidenced by record sales activity in 2014, the Miami real estate market continued to perform robustly in the fourth quarter due to renewed consumer con\dence and increasing demand from both domestic and international buyers

Christopher Zoller
2015 Residential President
MIAMI Association of Realtors®

Print Version: English | Spanish

As evidenced by record sales activity in 2014, the Miami real estate market continued to perform robustly in the fourth quarter due to renewed consumer con\dence and increasing demand from both domestic and international buyers, according to the 36,000-member MIAMI Association of REALTORS (MIAMI) and the local Multiple Listing Service systems.

Median and Average Sales Prices Continue to Rise
The median sales price for single-family homes in Miami-Dade County increased to $246,140 in the fourth quarter, a 4.7 percent jump compared to the same period last year. The median sale price for condominiums increased 8.6 percent to $190,000 in the fourth quarter compared to a year earlier. Miami-Dade County has now seen 12 consecutive quarters of growth for both single-family homes and condominiums.

Sales Continue to Rise for Single-Family Homes
Sales of single-family homes, which set an all-time record for all of 2014, increased 7.7 percent to 3,426, while condominiums decreased 3.3 percent to 3,981 compared with the same period in 2013. There were 7,407 homes and condos sold in Miami-Dade County during the fourth quarter of 2014, an increase of 1.5 percent compared to the fourth quarter of 2013.

Residential Inventory Moving Rapidly Despite More New Listings
Home and condominium listings also increased in the fourth quarter of 2014. There were 5,716 new single-family home listings during the fourth quarter, a growth of 3 percent relative to the same period last year. New condominium listings increased by 4.2 percent from 7,585 in the fourth quarter of 2013 to 7,907 in the fourth quarter of 2014. Fourth quarter active listings in Miami-Dade County totaled 17,695, representing an increase of 10.8 percent.

Percentage of Cash Sales Declines
In the fourth quarter of 2014, 55 percent of closed sales were all cash compared to 60 percent a year ago. All cash sales were 41.4 percent of single-family home closings and 66.9 percent of all condominium sales.

Access 4Q Miami-Dade Statistical Reports: SFMarketIntel.com

Print Version: English | Spanish

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Lynda Fernandez,
SVP of Public Relations
lynda@miamire.com 
(305) 468-7040

Teresa King Kinney
Chief Executive Officer
tkinney@miamire.com 
(305) 468-7000

Chris Umpierre
Director of Communications
chris@miamire.com
(305) 468-7047


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