Miami’s start to the homebuying season continues its stellar pace, as sales of single-family homes, median sales price and total dollar volume have all increased year-over-year in the first quarter of 2017, according to the Miami Association of Realtors.
After March saw its highest-ever total for home sales, the Q1 report is nearly as rosy as the monthly numbers. Though overall sales are down slightly thanks to a oversaturated condo market, gains in some areas are enough to have experts feeling optimistic.
Single-family home sales in the area grew by 1.5 percent, increasing from 2,968 transactions in Q1 2016 to 3,014 through the first quarter of 2017, according to MAR. Median sales price for the homes increased for the 21st consecutive quarter, rising a whopping 15.8 percent to $318,375 year-over-year. (Condo sales are down 5 percent but median price has risen 7 percent.)
Definitely a seller’s market
That’s good news for the real estate industry, as total sales volume increased by 3.8 percent to $2.7 billion. But the steep increases in price are not good for middle-income earners, who are increasingly being priced out of the city and surrounding area.
“High demand for Miami single-family homes continues to put upward pressure on prices,” Christopher Zoller, chairman of the Miami Association of Realtors, said in a statement. “As a seller, it’s a good time to list your home. As a buyer, current mortgage rates make buying a home more affordable.”
Inventory for single-family homes decreased 2.1 percent in Q1 to 6,355, the Miami Association of Realtors. That’s good for 5.8 months of inventory, with 6 months of inventory being considered a “balanced” market.
Single-family home sales were spread unevenly throughout the area. Miami proper ranks eighth on the list of places where single-family home sales grew the most, but the other areas are smaller sub-markets.
Check out the list of markets with the biggest growth in single-family home sales, courtesy of MAR:
|Rank||Market||Q1 sales||Percent change|
|6||South Miami Heights||4||9.50%|