The Real Deal Miami

Miami single-family home sales increase in January, condo sales decline

Median sale price of homes rose 5.6 percent

February 23, 2015 05:15PM

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Downtown Miami

Downtown Miami

The volume of single-family homes sold in Miami-Dade County continued to rise for the third consecutive year, while median housing prices are surging toward pre-downturn levels.

Miami saw a 6.5 percent increase in homes sold in January compared to January 2014, jumping from 904 to 963. The median sale price of these homes also increased 5.6 percent over the past year, to $237,000 in January from $225,000 in January 2014, according to data from the Miami Association of Realtors, released Monday.

Average sales prices dropped 4 percent, however, from $408,626 to $392,172.

These increases over the past year reflect a national trend of rising prices for existing homes. The national median price grew 6.2 percent, and Florida saw a 7.4 percent increase from January 2014.

Condo sales dropped 15 percent, to 1,080 in January, from 1,270 in January 2014, bringing combined residential real estate sales down 6 percent last month, the association’s figures show.

Homes and condominiums continue to sell near asking price, but their median days left on the market have increased 10.9 and 17.9 percent from January 2014, respectively.

Though all-cash sales have declined 4.6 percent, 90 percent of foreign buyers continue to pay in cash, the figures show.

Distressed property sales, such as those owned by banks, have also declined over the past year. Active real estate listings have jumped up 12 percent, and strong sales for newly constructed condominiums reflect continued demand. Since 2011, developers have announced 207 towers: Of those, 113 towers are currently selling, with 67 percent of their 16,863 units already sold, the association said.

“Miami is seeing a consistent and steady increase in single-family home sales while condo buyers are trending to the new coastal units becoming available,” said Christopher Zoller, the 2015 Residential President of the Miami Association of Realtors, in a statement. “More houses are coming on the market, which means sellers are feeling confident about the housing market and strong sales show that buyers are also feeling confident.” — Sean Stewart-Muniz

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