Miami’s single-family homes market had its best March in history, after sales for the month rose nearly 10 percent year-over-year, according to the Miami Association of Realtors.
The city recorded 1,276 single-family home sales in March, a 9.2 percent increase year-over-year and enough to surpass the previous record for the month, which was recorded in March 2015 when 1,242 homes were sold. Condo sales rose too, as did median prices and total dollar volume spent, a welcome sign for a housing market that has seen some fits and starts in recent years.
These are all good signs for a market that has seen a glut of inventory and affordability issues. Single-family homes in the mid market, or homes listed for $250,000 to $600,000, jumped by 36 percent and made up 58 percent of the month’s home sales, a sign that middle-class families are more active in the market, according to the association.
“Miami’s spring homebuying season is off to a roaring start,” Christopher Zoller, Coral Gables Realtor and chairman of the Miami Association of Realtors, said in a statement. “Not only did single-family home sales post a historic total, but existing condominium sales also increased. The local jobs market is solid, average pay is rising and mortgage rates are still at historic lows.”
A record-setting month
Total home sales rose 5.6 percent year-over-year in March. Even condos, which are competing with plenty of available units and new developments, rose 2.3 percent year-over-year.
We know that middle-market homes sales were particularly strong, luxury homes also sold at an impressive clip, especially given that the area’s high-end markets have been the leaders in declining home and condo values. Sales of homes priced $600,000-$1 million increased by 52 percent in March.
The median price of a single-family home jumped 15 percent, increasing from $280,000 to $322,000. March marks the 64th consecutive month that single-family home prices have risen. Median condo value also rose in March, from $209,500 to $225,000, a 7 percent increase.
The median days on the market for single-family homes sold in March was 51 days, an 18 percent dip from the same time last year. Condos had an increase of 22 percent for days on the market, likely an indication that inventory is still a major issue in the area.