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Miami Sales Reached Historic Levels in 2014

by James McClister

MAR report marks 2014 as a record-breaking year for the Magic City.

Miami-home-sales-single-family-december-2014-MAR-prices-sales

If the national market was hot in 2014, then Miami was on fire, as the newest sales report from the Miami Association of Realtors and local MLS revealed record-breaking year-end results in both single-family home sales and median sales prices.

The last 12 months were particularly partial to single-family homes, with sales levels reaching previously untouched peaks, settling at 13,521; a 4.8 percent margin over last year’s 12,899 sales. Condo sales were decidedly less impressive, but still the second highest in the Magic City’s history, falling 4.3 percent from 2013 to 16,409.

In December, single-family sales continued to increase year-over-year, rising 9.6 percent, while condo sales slipped 2.1 percent. Combined, sales increased 3 percent from the same time last year.

Properties Selling Faster, and For More Money

Furthermore, Miami’s market showed considerable increases in sales prices, and a persistently high demand.

  • Median sales prices for single-family homes rose 3.6 percent year-over-year to $255,000, and median prices for condos rose 9.6 percent to $195,000.
  • The median number of days on market improved for both single-family homes and condos in December, rising 9.8 percent and 9.6 percent, respectively.
  • The median number of days on market for the whole of 2014 for single-family homes was 45 days, a 9.6 percent increase, and 57 days for condos, a 23.9 percent increase.

Foreign Buyers Helping to Keep Market On Track

Miami is a complicated market, as the disparity between higher-end and lower-tier is considerable, but if the last 12 months showed anything, it’s that consistently rising prices have yet to deter buyer demand.

“The Miami real estate market again reflected great demand in 2014,” Christopher Zoller, residential president of MAR, said. “More single-family homes were sold in Miami-Dade County than ever in history, while condominium sales marked their second strongest year ever despite competition from new construction supply.”

Zoller’s right in mentioning the area’s demand, but some have speculated Miami’s consistently high prices and relatively shallow inventory are indicative of a market conducive to overvalued properties. As 2015 further unravels, the direction home prices take will provide some indication of Miami’s next step. But Zoller is confident in the market’s ability to stay healthy and growing, pointing to continued interest from international buyers as a reason for confidence.

“In addition to active domestic buyers, foreign buyers continue to bolster the Miami real estate market, as evidenced by the high percentage of cash sales locally compared to the rest of the nation,” he said. “As Miami continues to build its image as a leading global city, foreign investment in our real estate is expected to continue to fuel market expansion.”

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