Single-family homes in Miami sold at an average rate of 42.3 per day for the past four months, and June marked the second-best in city history, according to a new report by the Miami Association of Realtors (MAR) and the Multiple Listing Service system.
This past June 1,346 single-family homes were sold in Miami – the only better June on record was 2015 when 1,390 single-family homes were sold. Homes also are selling for close to their listing prices, with single-family homes receiving on average 95.5 percent of their listing price.
2017 in general has been successful in terms of single-family home sales in Miami, up 3.9 percent year over year from 1,296 last year, according to MAR.
Other highlights from the new MAR report include:
- Four consecutive months of increases in sales of luxury single-family homes continued, jumping 7.1 percent.
- Total sales volume for all properties in Miami in June was $1.19 billion.
- The length of time between listing and contract dates for single-family homes dipped 2.1 percent to 47 days.
“Miami real estate has seen four consecutive months of single-family sales growth while condominium sales have increased in two of the last four months,” Christopher Zoller, MAR chairman of the board, said in a press release. “Buyer demand and impending interest rate hikes are fueling purchases as buyers want to get settled in their new Miami homes before the school year begins.”
Florida’s market overall had a successful June, with more than 28,200 single-family home sales, up 4.3 percent from June 2016, according to Florida Realtors. Median prices for single-family homes also increased statewide in June, up 8.9 percent to $245,000 from June 2016.
I have been a successful real estate broker in Miami for almost 30 years and have seen many cycles. We have seen corrective pricing from a peak in January 2015 and finally property owners are catching up to the reality that the foreign investors have retreated considerably. The property owners typically are reluctant to lower prices but seem to finally be learning that in Miami real estate prices CAN go down. Always best to talk to a seasoned professional that knows the market and trends.