Figures from the Miami Association of Realtors in Miami Dade County show that single-family home sales for 2015 reached an all-time annual record. According to the article in World Property Journal, sales for existing properties reached the third most transactions in history.
Last year there were 29,886 total existing residential sales in Miami Dade which includes single family homes and condominiums. This is the third-highest total recorded in Miami with only 2013 with 30,041 sales and 2014 with 29,930 sales reaching higher.
Experts put this down to the population increase in Miami combined with a strong local jobs market. In addition Florida is continuing to be seen as a world-class global region and of course interest rates are still very low. It’s expected that many of these factors will carry on into this year. Foreign buyers are still very active in Miami, with buyers from Argentina, Venezuela, Brazil, Italy, France, Mexico, Canada and Columbia still being interested in purchasing mainly single family homes which is causing a shortage of this inventory type in Miami. Real estate agents expect this trend to continue and for demand to exceed supply.
Closed sales of existing single-family homes in Miami reached 13,936 last year which is a 3.1% increase compared to 2014. This is the third consecutive record sales year for single family homes in Miami with sales of 12,899 in 2013 and 13,521 in 2014. Although there was an increase in the number of newly completed condos, sales of existing condominiums in Miami reached their fifth best year in history. Last year a total of 15,950 existing condominiums were sold, a decline of 2.8% compared to the previous year as new condominiums are claiming a significant part of the market.
Median sales prices increased for all types of properties with existing single family homes having a median sales price of $265,000. This is an increase of 8.2% compared to the previous year. The median price for existing condominiums was $200,000, an increase of 5.3% compared to 2014. Single family homes sold last year achieved 95.2% of their original listing price, a marginal increase of 0.2% compared to a year earlier. The median number of days spent in the market fell to 43 days, a decline of 4.4% compared to 2014. Condominiums spent a median number of 60 days on the market which was a 5.3% increase compared to 2014. The average price received compared to the original list price was 93.5%, a decline of just 0.7% year-on-year.