The Real Deal Miami

Miami on track to break home sales record for fifth year

Realtors have to sell 21 homes per day in December to beat record

December 22, 2015 03:45PM

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A 2013 photo of the Miami skyline from Brickell (Credit: Gabriel Kaplan)

A 2013 photo of the Miami skyline from Brickell (Credit: Gabriel Kaplan)

Talk about a stocking stuffer — Miami is on track to break an all-time home sales record this year with nearly 13,000 houses already sold before December.

Miami-Dade County has posted a new home sales record each year for the last five years, according to the Miami Association of Realtors.

And looking at sales figures from November, the county is close to doing it all over again.

Miami-Dade saw 907 single-family home sales last month, which brings this year’s total to 12,857 transactions through November.

The 2014 record is 13,521 sales, so only 665 more homes have to sell in December for the record to break. That’s about 21 homes per day, or almost one home per hour from the beginning to the end of the month.

Meanwhile, median sales price for a single family home was $274,900 in November, up 12.2 percent from November of 2014. For condos, median sales price rose to $203,000 — a 7 percent increase during the same time period.

These numbers come from the Miami Association of Realtors, which just released its monthly sales report for November.

Despite nearing a record, the county’s residential market has continued contracting. Sales in November were down 6.7 percent year-over-year for single-family homes, while new listings continue to grow. There were 1,785 new listings in November, up 3.5 percent from the 1,725 new listings during the same month last year.

On the other hand, Miami-Dade’s condo market actually accelerated last month. Sales for existing condos in November jumped 1.9 percent year-over-year, going from 1,077 closings last year to 1,097 this year.

New listings for condos continue to grow significantly. There were 12.2 percent more condos on the market last month compared to the year before, with 2,710 new units hitting the market during November. — Sean Stewart-Muniz