Median prices for single-family homes and condominiums jumped by double digits year-over-year in May, according to a Miami Association of Realtors report released on Tuesday.
Single-family home prices rose 12.8 percent in May following more than three years of year-over-year increases. Condo prices also increased in May, marking 47 months of growth in the last four years. The median sale price for condominiums increased 11.1 percent in May to $207,250 from $186,500 a year ago, according to the report.
“Existing single-family home sales increased and condominiums performed well,” said Christopher Zoller, Miami-based Realtor and the 2015 residential president of the Miami Association of Realtors, in a press release. “Even with the double-digit growth of median sales prices, Miami properties remain affordable compared to other global cities like New York and London.”
Single-family home sales volume increased 5 percent from 1,215 in May 2014 to 1,276 in May 2015, while existing condo sales decreased slightly. Preventing growth is the limited access to mortgage loans for existing condo buyers, according to the report. Out of the 8,523 condominium buildings in Miami-Dade and Broward counties, only 29 are approved for FHA loans.
Also among the report’s findings:
- Miami single-family homes and condominiums continue to sell close to asking price.
- The national median existing-home price for all housing types in May was $228,700, which is 7.9 percent above May 2014.
- Cash sales represented 49.5 percent of Miami’s total closed sales in May 2015, more than double the national average. Nearly 64 percent of condo closings were made in cash in May compared to 33.2 percent of single-family home sales.
— Katherine Kallergis