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Non-Distressed Miami Homes Register Double-Digit Sales Growth in June

by | Aug 01, 2016
Non-distressed Miami single-family home sales increased 11.3 percent in June as median home prices rose for the 55th consecutive month, according to new report from the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.

Mark Sadek
2016 Chairman of the Board
MIAMI Association of Realtors®

Print Version: English | Spanish

Non-distressed Miami single-family home sales increased 11.3 percent in June as median home prices rose for the 55th consecutive month, according to new report from the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.

Median sale prices for existing Miami-Dade County single-family homes rose 12.5 percent in June to $315,000, according to the newly-released data. Existing condominiums increased 7.3 percent to $220,000. Single-family home prices have risen for 55 consecutive months. Condo prices have increased in 59 of the last 61 months, a stretch spanning more than five years.

Total Sales Finish in Line with Miami Historical Averages

Total existing Miami-Dade County residential sales - which posted a record year in 2013 and near record years in 2014 and 2015 - decreased 8.6 percent year-over-year from 2,886 to 2,639.

Miami-Dade County single-family home transactions decreased 6.3 percent in June, from 1,383 to 1,296. While down from last year, the sales total is a strong number for the peak of home-buying season and is higher than the 1,280 homes sold in June 2014, which wasanear-record year for Miami transactions. Existing condominium sales - which declined 10.6 percent, from 1,503 to 1,343 - are competing with new construction market, which continues to add inventory. Single-family home sales are declining because of significant inventory shortage for properties priced below $300,000. Inventory has dropped 53 percent year-over-year in the price range.

Transactions in Popular Price Points Rise

Single-family homes priced between $250,000 and $600,000 saw a 10.7 percent year-over-year increase in June, growing from 606 to 671. Existing condos priced between $150,000 and $400,000 sawa2.7 percent year-over-year rise in sales in June, increasing from 659 transactions to 677.

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lynda@miamire.com 
(305) 468-7040

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chris@miamire.com
(305) 468-7047


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