April marks fifth month of falling Miami-Dade home sales: report

Miami /
May.May 23, 2016 05:15 PM

Five months into 2016 and it’s starting to look like Miami-Dade County’s housing market might not compare favorably to 2015.

A new market report from the Miami Association of Realtors shows sales volume has yet again dipped significantly, this time in April, all while prices continue to rise.

Townhomes and condos fared the worst last month. The county saw 1,269 closed unit sales last month, which is 12.1 percent less than the 1,444 sales made in April 2015.

Single-family home sales also fell significantly: April’s 1,150 closings marked a 7.6 percent decrease year-over-year, according to the association’s report.

April is the fifth month in a row that both segments of Miami-Dade’s housing market have seen declining sales. On the condo and townhome side, the decline started — and peaked — in December with a 15.3 percent drop, although every month since then has shown a decrease of at least 9.9 percent.

Single-family home sales have been much more volatile, though they have consistently declined every month since October.

Closing prices, however, are still becoming more and more expensive. The median sales price of a single-family home hit $285,000 in April, up 9.6 percent from $260,000 last year. Condo prices also rose 8 percent from $199,000 to $215,000 in the same time period.

One possible bright spot for the condo market is that new listing inventory all but evened out in April. There were 2,503 new condo resales on the market last night, a mere 0.3 percent increase from April last year.

New listings for single-family homes are also slowing down. A total of 1,803 Miami-Dade houses hit the market in April, up only 2.3 percent year-over-year. That’s a big way to fall from the huge influx seen in February, when new listings grew by a whopping 24.8 percent.

There’s little doubt now that the residential market here is slowing. As reports from several market-watching agencies like CoreLogic, RealtyTrac, the association and many of Miami’s brokerages have shown, the pace of sales in Miami-Dade downshifted rapidly at the end of 2015 amid worsening economic conditions around the globe and a strong dollar.

Several factors playing into the slowdown include fewer distressed properties trading as the market distances itself from last cycle’s crash, a lack of foreign buyers — which Miami relies heavily on — and a glut of new supply.


Related Articles

arrow_forward_ios
Lennar Executive Chairman Stuart Miller (iStock)
“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results
“The home used to be just shelter. Now it is the hub of our entire lives”: Lennar reports strong Q4, full-year results
Rent-to-own startup Divvy Homes expands to South Florida
Rent-to-own startup Divvy Homes expands to South Florida
Rent-to-own startup Divvy Homes expands to South Florida
Ben Schachter, Sean Black and Mike Pappas (Signature, Getty, Keyes)
Knock expands home lending program into South Florida 
Knock expands home lending program into South Florida 
Rendering of Belmont Village Coral Gables and Baptist Health South Florida CEO Brian L. Keeley
Baptist, Belmont gain approval for luxury senior living in Coral Gables
Baptist, Belmont gain approval for luxury senior living in Coral Gables
9885 Palomino Drive (Credit: Google Maps)
Resort Lifestyle Communities scores $36M construction loan for Lake Worth senior housing project
Resort Lifestyle Communities scores $36M construction loan for Lake Worth senior housing project
5010 Nob Hill Road (Credit: Google Maps)
Sunrise affordable senior housing facility sells for $30M
Sunrise affordable senior housing facility sells for $30M
Mark Zilbert
Let’s make a deal? Some resi sellers in Miami-Dade slash asking prices
Let’s make a deal? Some resi sellers in Miami-Dade slash asking prices
(Credit: iStock)
Home sales dropped big time in South Florida in April
Home sales dropped big time in South Florida in April
arrow_forward_ios

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

Loading...