MIAMI Association of REALTORS

     

                

News

October Marks More than Four Years of Price Appreciation inMiami

by | Nov 28, 2015
Miami real estate continues to attract international buyers from all over the world as well as a growing number of domestic consumers. South Florida offers world-class amenities, a top-tier arts and cultural epicenter, a diversified economy and more.
Prices Still at 2004 Levels

 

Print Version: English | Spanish

Christopher Zoller
2015 Residential President
MIAMI Association of Realtors®

Miami real estate continues to attract international buyers from all over the world as well as a growing number of domestic consumers. South Florida offers world-class amenities, a top-tier arts and cultural epicenter, a diversified economy and more.

The Miami-Dade County real estate market continued to strengthen in October as properties sold fast and near asking price while sales prices again increased, according to a new report by the 41,000-member MIAMI Association of REALTORS® (MIAMI) and Multiple Listing Service (MLS) system.

October marked more than four years of consistent monthly median sales price increases for both single-family homes and condominiums in Miami-Dade. Last month, the median sales price for single-family homes rose 10.4 percent year-over-year, from $240,000 to $265,000.

Single-family home and condominium prices remain at 2004 levels despite four years of consistent year-over-year increases.

The median sales price for existing condominiums increased 8.1 percent in October to $200,000 from $185,000 a year ago. Miami-Dade County condo prices have risen in 52 of the last 53 months, a period stretching nearly four and a half years.

Miami Real Estate Selling Close to List Price The average percent of original list price received for single-family homes was 95.6 percent in October 2015, an increase of 0.3 percent from a year earlier. The median number of days on the market for Miami single-family homes decreased 7 percent to 40 days in October 2015.

The median number of days on the market for condominiums sold in October 2015 was 59 days, a 1.7 percent increase from October 2014. The average percent of original list price received was 93.8 percent, a 0.1 percent year-over-year increase.

Total existing Miami-Dade County residential sales, including single-family and condominiums, were consistent with historical averages despite experiencing a slight decline of 5.6 percent, from 2,712 sales in October 2014 to 2,559 last month.

To access October 2015 Miami-Dade Statistical Reports, visit SFMarketIntel.com

Print Version: English | Spanish

Market Focus

Media Contacts

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


State &
National News

National Association of REALTORS®
National Association Press Releases, Statistics, and other Media Resource.

Florida REALTORS®
Florida Association Press Releases, Statistics, and other Media Resources.