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Miami Real Estate Sets Single-Family Home Sales Record in June

by | Aug 08, 2015
The Miami real estate market recorded its highest number of single-family home sales of any month in history in June and is on pace to set another all-time annual sales record

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Christopher Zoller
2015 Residential President
MIAMI Association of Realtors®

The Miami real estate market recorded its highest number of single-family home sales of any month in history in June and is on pace to set another all-time annual sales record, according to a new report by the 38,000-member MIAMI Association of REALTORS® (MIAMI) and the local Multiple Listing Service (MLS) system. The Miami market registered 1,390 single-family home sales in June, beating its previous record of 1,317 in June 2005.

A total of 7,100 single-family homes were sold in Miami in the [rst six months of 2015, an 8.5-percent increase from the 6,543 properties sold in the [rst half of 2014. The market is on pace to sell 14,600 single-family homes for all of 2015.The annual Miami record is 13,521 sales, established last year. Miami's existing condominium market, which saw a 4.5 percent year-over-year increase in transactions in June, is also on pace for a banner year despite a rise in pre-construction condo sales. A total of 8,153 existing condos were sold in Miami in the [rst six months of 2015, which puts the market on pace for 16,030 transactions for all of 2015. That would rank as the third-most sales in Miami history behind the 16,409 sales in 2014 and the 17,142 closings in 2013.

Miami Residential Real Estate Sales Rise
Single-family home transactions jumped 8.6 percent year-overyear in June 2015, from 1,280 to 1,390. Existing condominium sales increased 4.5 percent, from 1,443 to 1,508. Combined, Miami-Dade County residential real estate sales rose 6.4 percent to 2,898 last month compared to 2,723 a year ago.

Median Prices Register Growth
Single-family home prices, which again increased in June, remain at affordable 2004 levels despite four years of consistent year-over-year increases. Condo prices also increased in June 2015, marking 48 months of growth in the last 49 months. The median sale price for single-family homes rose 14.9 percent, up to $280,000 in June 2015 from $243,700 in June 2014.The median sale price for condominiums increased 7.9 percent in June to $205,000 from $190,000 a year ago

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