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Miami Herald: Leader's Columns

  • Miami Residential Market Accounts for $1 Billion in Total Sales in March

    by | May 08, 2016

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

    Miami-Dade County residential properties registered nearly $1 billion in sales in March as existing single-family homes posted robust price gains, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and Multiple Listing Service (MLS) system.

    The median sales price for single-family existing homes rose 7.7 percent year-over-year in March 2016, from $260,000 to $280,000. The median sales price for existing condominiums decreased 2.6 percent to $209,500 from $215,000. Miami-Dade County existing condo prices have risen in 56 of the last 58 months. Miami prices remain at 2004 levels despite four years of increases.

    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 8.9 percent year-over-year from 2,706 to 2,465 last month.

    Miami-Dade County single-family home transactions decreased 5.8 percent in March, from 1,240 to 1,168. Existing condominium sales — which declined 11.5 percent, from 1,466 to 1,297 — are competing with a robust new construction market, which continues to add inventory.

    Transactions in Popular Price Points Rise Significantly Middle-market Miami homes are seeing a spike in the number of sales. Single-family homes priced between $200,000 and $600,000 sawa9.6 percent year-over-year increase in March, growing from 644 to 706. The sector represented 60.4 percent of total Miami single-family home sales in March 2016.

    Existing condos priced between $150,000 and $250,000 saw a 14.0 percent-rise in sales in March, increasing from 363 transactions to 414. This sector represented 31.9 percent of total existing Miami condo home sales in March 2016.

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