Miami-Dade home sales on track to break annual record

Miami /
Sep.September 21, 2015 05:30 PM

Though home sales have begun to slow as summer fades, Miami-Dade County is still on track to break its annual record for transactions set last year.

The county saw 1,145 single-family homes sold during August with a median price of $260,500, according to data released Monday by the Miami Association of Realtors.

That brings the total number of single-family homes sold so far this year to 9,599. During 2014, a bustling residential market in Miami-Dade set a record of 13,521 homes sold during a single year. Each month in 2015 has recorded sales in excess of 1,000 single-family homes. If the county’s current pace holds, 2015 will become a record year for home sales.

This year has already seen one broken record: June made history when it broke a pre-crash record with 1,390 homes sold in a single month. The previous record was 1,310 in June 2005.

“After several record-breaking months of sales, Miami real estate continued its positive momentum in August,” Christopher Zoller, the Miami Association of Realtors 2015 residential president, said in a statement. “Single-family transactions, which only declined one percent in August, remain on pace to finish as one of the top sales years on record in Miami history. And despite continued competition from South Florida’s strong pre-construction market, existing condos registered 6.5 percent sales growth year-over-year.”

Compared to the same month last year, August saw a 1 percent decrease in transactions (from 1,157 homes to 1,145). A report from the association said this decrease was negligible.

Home prices continued their upward trend. The median price of a single-family home was $260,500 during August, up from $250,000 the year before.

Meanwhile, condo sales accelerated 6.5 percent year-over-year. A total of 1,334 condos were sold during August with a median price of $204,000. That’s an increase of 82 transactions and $22,000 from last year.


Related Articles

arrow_forward_ios
Mitchell Cohen with 9881 East Bay Harbor Drive and at 291 East Bay Harbor Drive (Toronto Real Estate Family Office Meetings, Google Maps, Getty)
Canadian investors drop $22.5M on Bay Harbor Islands apartments
Canadian investors drop $22.5M on Bay Harbor Islands apartments
Birge & Held’s CEO J. Taggart Birge, President Andrew Held and The Lakeridge at the Moors at 17200 Northwest 64th Avenue (LinkedIn, Lakeridge at the Moors, Getty)
Birge & Held pays $55M for NW Miami-Dade apartment complex
Birge & Held pays $55M for NW Miami-Dade apartment complex
From left: Crow Holdings' Michael Levy and NAI Miami's Robert Eckstein  with Southwest 88th and 91st streets, and between Southwest 162nd and 158th (Google Maps, Crow Holdings, NAI Miami)
Trammell Crow, Baptist scoop up Kendall Town Center dev sites
Trammell Crow, Baptist scoop up Kendall Town Center dev sites
Longpoint Realty Managing and Founding Partner Dwight Angelini and the El Paraiso shopping center at 1700 and 1800 West 68th Street in Hialeah (LinkedIn, Google Maps, Getty)
Longpoint picks up Hialeah shopping center for $43M
Longpoint picks up Hialeah shopping center for $43M
Turnberry Associates' Jackie Soffer and LeFrak's Richard LeFrak with Rendering of the Villa Laguna (Turnberry Associates, Getty Images, SoLe Mia Rentals)
LeFrak, Soffer kick off leasing at SoLé Mia rental
LeFrak, Soffer kick off leasing at SoLé Mia rental
17141 Collins Ave, Sunny Isle
Muse Residences in Sunny Isles Beach tops weekly condo sales
Muse Residences in Sunny Isles Beach tops weekly condo sales
Realterm Logistics CEO Robert Fordi and the vacant lot at the intersection of northwest 104th Street and northwest 95th Avenue (Realterm, Ferreira Construction)
Medley industrial site trades for 4x its 2017 price
Medley industrial site trades for 4x its 2017 price
G6 Hospitality CEO Rob Palleschi and the Motel 6 at 825 East Dania Beach Boulevard (LinkedIn, Google Maps)
Blackstone sells five South Florida budget hotels for $61M
Blackstone sells five South Florida budget hotels for $61M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...