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Miami Herald: Leader's Columns

Miami Single-Family Homes Market Post Robust 1Q; Median Prices Rise for 21 Consecutive Quarters

by | May 20, 2017
Strong Consumer confidence and underlying demand vaulted Miami real estate to a robust first quarter as single-family ome transactons, median sale prices and total dollar volume increased, according to a new report by the 46,000 member MIAMI Association of REALTORS® (MIAMI) and the local Multiple Listing Service systems.

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Christina Pappas
2017 Residential President
MIAMI Association of Realtors®

Strong Consumer confidence and underlying demand vaulted Miami real estate to a robust first quarter as single-family ome transactons, median sale prices and total dollar volume increased, according to a new report by the 46,000 member MIAMI Association of REALTORS® (MIAMI) and the local Multiple Listing Service systems.

Miami single family home sales expanded 1.5 percent, increasing from 2,968 transactions in 1Q 2016 to 3,014. Existing condominiums sales - which are competing with a strong new construction market - decreased 5.1 percent, from 3,326 to 3,155. Median sale prices increased for the 21st consecutive quarter, rising 15.8 percent for single family homes to $318,375 and 6.6 percent to $220,000 for condos. Miami properties have seen more than five years of price appreciation.

High demand for Miami single-family homes continues to put upward pressure on prices. As a seller, it's a good time to list your home. As a buyer, current mortgage rates make buying a home more affordable.

Miami Homes Selling Close to List Price

The median percent of original list price received was 95 percent for single-family homes and 93.3 percent for condos in 1Q 2017.

Miami Cash Sales Almost Double National Figure

Cash sales represented 44.8 percent of Miami closed sales in the first quarter of 2016. About 23 percent of U.S. home properties are made in cash, according to the latest NAR statistics. The high percentage of cash buyers reflects Miami's top position as the preeminent American real estate market for foreign buyers, who tend to purchase with all cash.

Cash sales accounted for 60 percent of all Miami existing condo sales and 28.9 percent of single-family transactions

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