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Miami Sets Single-Family Home Sales Record in 2015

by | Feb 28, 2016
Miami-Dade County single-family home sales set an all-time annual record in 2015, and sales for all existing properties posted the third-most transactions in history...

Total Residential Sales Register Third-Most Transactions in History

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Carlos Gutierrez, P.A.
2016 Residential President
MIAMI Association of Realtors®

Miami-Dade County single-family home sales set an all-time annual record in 2015, and sales for all existing properties posted the third-most transactions in history, according to the 41,000-member MIAMI Association of REALTORS® (MIAMI) and the local Multiple Listing Service (MLS) system.

Miami-Dade finished with 29,886 total existing residential sales, including single-family and condo markets, in 2015. It is the third-highest total for annual residential transactions in Miami history. Only 2013 (30,041 sales) and 2014 (29,930 sales) had more total existing residential sales.

Record Year for Single-Family Home Sales
Miami closed sales of existing single-family homes totaled 13,936 in 2015, up 3.1 percent compared to the 2014 figure. It marked the third-consecutive record sales year for Miami single-family homes, which posted 13,521 sales in 2014 and 12,899 in 2013.

Existing Condominiums Post Robust Year-End Figures
Despite an increase in competing new condo construction east of Interstate 95, Miami existing condominiums posted the fifth-best sales year in history.A total of 15,950 Miami existing condominiums sold in 2015, down 2.8 percent from the previous year, as new construction continues to take a significant share of the market.

Miami Year-End Median Sales Prices Rise forAll Properties
Miami existing single-family homes finished 2015 with a median sales price of $265,000, up 8.2 percent from $245,000 the previous year. The Miami median price for existing condominiums in 2015 was $200,000, an increase of 5.3 percent from $190,000 in 2014.

Miami's Cash Buyers Represent Twice the National Average
In 2015, cash deals represented 51.8 percent of Miami's total closed sales, which is more than double the national average. Just 24 percent of all U.S. housing sales are made in cash, according to NAR. Cash transactions represented 57.2 percent of total Miami deals in 2014. Miami's high percentage of cash sales reflects South Florida's ability to attract a diverse number of international home buyers, who tend to purchase properties in all cash.

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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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