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Miami Single-Family Home Sales Jump Ten Percent in July 2015

by | Aug 29, 2015
The Miami real estate market continued its historic summer by registering its second-highest single-family home sales month in history in July

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Christopher Zoller
2015 Residential President
MIAMI Association of Realtors®

The Miami real estate market continued its historic summer by registering its second-highest single-family home sales month in history in July, according to a new report by the 38,000-member MIAMI Association of REALTORS® (MIAMI) and Multiple Listing Service (MLS) system. Miami-Dade County had 1,354 single-family home sales in July 2015, nearly eclipsing its record of 1,390 transactions established in June 2015.

Miami single-family home transactions surged 10.2 percent year-over-year in July, from 1,229 to 1,354. Existing condominium sales increased 4.8 percent, from 1,403 to 1,471, which is noteworthy considering the continued rise of Miami pre-construction condo sales.

Total existing Miami-Dade County residential sales, including single-family and condo markets, rose 7.3 percent to 2,825 last month compared to 2,632 a year ago.

Single-family home prices, meanwhile, remain at 2004 levels despite four years of consistent year-over-year increases. Condo prices also increased in July 2015, marking 49 months of growth in the last 50 months. The median sales price for single-family homes rose 8.6 percent, up to $278,000 in July 2015 from $255,950 in July 2014. The median sales price for condominiums increased 2.6 percent in July to $195,000 from $190,000 a year ago.

Seller conYdence continues to result in more properties being listed in Miami. Active listings at the end of July increased 3.8 percent year-over-year, from 17,167 to 17,820. Active listings remain about 60 percent below 2008 levels when sales bottomed. Inventory of single-family homes decreased 4.7 percent from 6,181 active listings last year to 5,890 last month. Condominium inventory increased 8.6 percent to 11,930 from 10,986 listings during the same period in 2014.

At the current sales pace, there is a 5-month supply of Miami single-family homes, a decrease of 11 percent from 5.6 months in July 2014.There is an 8.8-month supply of condominium inventory, up from 7.8 months in July 2014, an increase of 12.1 percent. A balanced market between buyers and sellers offers between six and nine months supply of inventory.

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