The Real Deal Miami

Miami home sales set record in 2014, report says

Condo sales declined as new projects cut into demand for existing inventory

January 23, 2015 04:44PM

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housesalesMiami-Dade home sales rose in December, contributing to a record year for sales of single-family houses in 2014. Yet, condo sales declined, as new projects bit into demand for existing inventory, according to a report released Friday by the Miami Association of Realtors.

Single-family home sales increased 4.8 percent to 13,521 in 2014, compared to 12,899 the previous year. In December, single-family home sales rose 9.6 percent relative to December 2013, up to 1,250 from 1,140, the report’s figures show.

Condominium sales dropped 4.3 percent to 16,409 in 2014, compared to 17,142 the previous year. December figures mirrored that trend, as condominium sales fell 2.1 percent to 1,396 from 1,426 the previous December.

Combined, residential real estate sales increased 3 percent to 2,646 compared to 2,566 in December of last year.

“The Miami real estate market again reflected great demand in 2014,” said Christopher Zoller, 2015 Residential President of the Miami Association of Realtors, in a statement. “More single-family homes were sold in Miami-Dade County than ever in history, while condominium sales marked their second strongest year ever despite competition from new construction supply.” — Ina Cordle

 

 

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