Miami home, condo sales rise for third-straight month

by Andrew Morrell

Real estate sales figures continue to trend upward in Miami-Dade County as well as much of Florida, according to the latest data from the Miami Association of Realtors. Realtors in Miami-Dade County recorded 1,441 closed condo and townhome sales last month, a 3.5 percent year-over-year increase. Single-family home sales grew even faster: Last month’s 1,355 closed transactions was 10.2 percent above May 2018.

Miami’s home sales results echoed that of the rest of Florida, according to a report from the state Realtors association.

“May turned out to be our highest single-family home sales’ monthly total for any single month over at least the past 10 years,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “What’s more, this growth was widespread, with sales increasing in 21 of the state’s 22 metropolitan areas.”

Low mortgage rates were the most likely factor behind locally strong sales, O’Connor said, and are only adding fuel onto an already active homebuyer market. Cash-only sales, normally a significant slice of the local market sales tally, grew just 1.5 percent in May, while mortgage-financed deals grew 12 percent, O’Connor found.

Statewide, single-family home sales grew 9.6 percent year-over-year, while condo and townhome sales were up 1.6 percent over the same period.

Even though sales continued on a hot streak, median sales prices were decidedly cool across Miami-Dade County. Single-family homes sold in May fetched a median price of $360,000, 2.9 percent higher than a year earlier. Condo prices fell slightly (0.8 percent) over last year, to a median of $243,000. This softer price growth could be attributed in part to much higher listing inventory levels. The number of active condo listings was 2.5 percent above last year, while active single-family listings were up 8.7 percent in Miami-Dade County.

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