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Miami Single-Family Home Sales Increase Again in April. 56.5 Percent Jump in Luxury Single-Family Home Sales

by | Jun 03, 2017
The rise in Miami single-family home sales is being led by a surge in mid-market transactions. Transactions for properties listed between $200,000 and $600,000 jumped 13.2 percent in April, from 725 to 821 sales. Mid-market home sales comprise 68.9 percent of all single-family home sales.

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Christina Pappas
2017 Residential President
MIAMI Association of Realtors®

Miami single-family home sales, median prices, traditional transactions, and dollar volum increased year-over-year in April, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.

Single-family home sales rose 3.7 percent year-over-yearin April, from 1,150 to 1,192. Sales for existing condominiums, which are competing with a robust new construction market, declined 12.5 percent.

The rise in Miami single-family home sales is being led by a surge in mid-market transactions. Transactions for properties listed between $200,000 and $600,000 jumped 13.2 percent in April, from 725 to 821 sales. Mid-market home sales comprise 68.9 percent of all single-family home sales.

Luxury single-family sales ($1 million and above) jumped 56.5 percent, from 62 to 97. Miami single-family traditional sales, or non-distressed transactions, rose 15.1 percent. Growth in traditional sales shows the health and strength of the Miami market.

Total sales volume for all properties accounted for $1.01 billion last month. These sales do no include Miami's multi-billion dollar new construction condo market.

Median Prices Rise for All Properties

Miami-Dade County single-family home prices jumped 3.7 percent in April 2017, increasing from $285,000 to $320,000. Miami single-family home prices have now risen for 65 consecutive months, a streak spanning more than five years. Existing condo prices increased 6.5 percent, from $215,000 to $229,000. Condo prices have increased in 69 of the last 71 months.

Miami's Cash Buyers Represent Almost Double the National Figure

Miami cash transactions comprised 39.4 percent of April total closed sales, conmpared to 48.6 percent last year. Miami cash transactions are almost double the national figure (21 percent).

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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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