Miami-Dade home sales on track to break annual record

Miami skyline (Credit: Creative Commons)
Miami skyline (Credit: Creative Commons)

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.

Chris Zoller

Chris Zoller, the Miami Association of Realtor’s 2015 residential president of Miami

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“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.