MIAMI Association of REALTORS



Miami Herald: Leader's Columns

  • Non-Distressed Miami Single-Family Home Sales Rise in May

    by | Jul 02, 2016

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

    Print Version: English | Spanish

    Non-distressed Miami single-family home sales increased for the fifth consecutive month and all existing residential properties posted price gains in May, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.

    The median sales price for existing single-family homes rose 4.6 percent year-over-year in May 2016, from $282,000 to $295,000. Single-family home prices have increased for 54 consecutive months. The median sales price for existing condominiums grew 2.5 percent to $214,250 from $209,000. Miami existing condo prices have risen in 58 of the last 60 months,astretch encompassing 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 10.4 percent year-over-year from 2,719 to 2,435.

    Miami-Dade County single-family home transactions decreased 7.2 percent in May, from 1,272 to 1,180. Existing condominium sales - which declined 13.3 percent, from 1,447 to 1,255 - are competing with a robust new construction market, which continues to add inventory.

    Transactions in Popular Price Points Rise

    Mid-priced Miami homes are seeing increased sales. Single-family homes priced between $200,000 and $600,000 saw a 5.9 percent year-over-year increase in May, growing from 716 to 756. Existing condos priced between $150,000 and $300,000 saw a 12.0 percent-rise in sales in May, increasing from 482 transactions to 540.

    Miami’s Cash Buyers Continue to Represent More than Twice the National Average

    Miami cash transactions comprised 47.1 percent of May total closed sales, compared to 49.5 percent last year. Miami cash transactions are more than double the national average of 22 percent.

    Print Version: English | Spanish