After consecutive months in the doldrums, the Miami-Dade real estate market showed some signs of revitalization in March. According to the latest monthly report by the Miami Association of Realtors, sales for single-family homes in Miami-Dade set a new record last month, jumping to 1,276 from 1,168 (or 9.2 percent) over March 2016. This tops the previous record for March of 1,242 homes sold in 2015.
The number of townhouse and condo sales also rose 2.3 percent year-to-year to 1,327 and median prices for single-family homes in Miami-Dade County rose for the 64th consecutive month, growing by 15 percent over March 2016, from $280,000 to $322,000. Condo median prices climbed 7.4 percent to $225,000.
Contributing to the market’s rebound include concerns over the recent rise of federal interest rates — leading buyers to be more aggressive.
The number of condos available for sale grew 27.8 percent year-to-year, with a nearly 14-month supply of units on the market. Luxury condos over $1 million showed the biggest year-to-year gain, growing 48.4 percent with 92 closed sales. The $250,000-$300,000 bracket also did well, growing 37.7 percent with 146 sales.
And according to Douglas Elliman report, the median sales price for all condos and single family homes grew 12.5 percent over Q1 2016 in mainland Miami-Dale. In Miami Beach though, median prices dropped 5.8 percent over the same time period. That said, the median price of a single family luxury home in Miami Beach skyrocketed 56.5 percent, while the overall median price of a single-family home in Miami Beach dropped by 25 percent. (The report defines luxury as the top 10 percent of sales.)
Despite the boom in luxury condos, downtown Miami was the city’s most affordable neighborhood, with a median sales price of $189,375 for condos and $325,000 for single-family homes. On Miami Beach, the least expensive condos were in North Beach, with a median sales price of $240,000, a 6.9 percent drop over 2016.
Overall, the report indicates that South Florida residential real estate prices are stabilizing. Time will tell if these trends in Miami’s condo market are temporary or a harbinger of change.Share