Miami-Dade County’s market continued its steady pace during the second week of August, with a handful of multimillion dollar deals. At the top of the list was a unit at Beach House 8, Ugo Colombo and Valerio Morabito’s newly built boutique condo project in Mid-Beach. Unit 600, a four-bathroom unit spanning a whole floor and measuring 3,783 square feet, sold for $7.5 million to a European businessperson. The price breaks down to $1,982 per square foot.
Coming in second place was Penthouse 3105 at the Peninsula II building in Aventura, which sold for $2.8 million after spending 378 days on the market. The unit features six bedrooms, six bathrooms, an open floor plan and bay views through floor-to-ceiling windows. The deal breaks down to $506 per square foot.
In total, Miami-Dade saw 119 condos sell for $50.27 million. That’s a considerable jump in transaction volume from the previous week’s $40 million haul. Average sales were $422,519 per unit and $287 per square foot.
While the volume of Miami-Dade County home sales continued its fall during this year’s second quarter, prices seem to be going nowhere but up. According to a new report from the Miami Association of Realtors, the second quarter marked four-and-a-half years of uninterrupted price appreciation for homes and condos in the county. The latest numbers show median prices for a condo rose 5.5 percent year-over-year to $215,000, and single-family homes jumped 8.6 percent to $295,000. Experts indicate that much of that appreciation can be considered value recovery from when prices bottomed out during the housing bust.
Meanwhile, the pace of sales in Miami-Dade is downshifting after years of overheated activity. The association’s figures show 3,626 homes were sold in Miami-Dade during the second quarter, falling 7 percent from the 3,900 sold during the same period of last year. Condo sales fell even further, with the second quarter seeing a 12 percent decline from 1,576 units to 1,487. Inventory is also starting to pile up. There were 6,292 active single-family home listings in the second quarter, up 10.7% year-over-year. Condo supply exploded by 18.6 percent to 14,093 active listings.