Miami home prices jump 14.8 per cent
According to the Miami association of Realtors, Miami-Dade County single-family home sales, median prices, and dollar volumes all increased year-over-year in January 2017.
Led by a significant surge in traditional sales and transactions for properties listed from $200,000 to $600,000, Miami single-family home sales rose 4.4 percent last month. Median sale prices ($310,000) and dollar volume ($397 million) expanded 14.8 percent and 7.1 percent, respectively.
“Miami real estate opened 2017 with strong sales for single-family homes,” said Christopher Zoller, the 2017 MIAMI chairman of the board. “Now that the uncertainty of the election is over, home buyers are coming off the sidelines. There is high demand for homes priced from $200K to $600K. As reflected in our January statistics, we are also seeing Miami single-family home sales for properties from $600K to $1 million showing strong gains.”
More homebuyers are taking advantage of current mortgage rates, which despite their increases are still at historic lows. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage is 4.15 percent.
Single-Family Home Sales Rise
Total existing Miami-Dade County residential sales — which posted a record year in 2013 and near record years in 2014 and 2015 — decreased 3.3 percent year-over-year from 1,790 to 1,731.
Single-family home sales rose 4.4 percent year-over-year from 821 in January 2016 to 857 last month. The Miami single-family homes market is coming off a 2016 in which it posted the third-most annual sales in county history. Existing condo sales — which are competing with a robust new construction market — decreased 9.8 percent year-over-year, from 969 transactions to 874.
Sales for mid-market Miami single-family homes, or properties listed from $200,000 to $600,000, increased 22.5 percent in January, from 476 to 583. Homes sold in the $200K to $600K range represent 33.7 percent of total Miami single-family home sales.
Sales for Miami single-family homes listed from $600,000 to $1 million increased 62.3 percent in January, from 53 to 86.
Miami single-family traditional sales also posted gains, jumping 19.3 percent from last year. This growth in traditional sales, from 612 to 730 transactions, is great news for the local market.
Total sales volume for all properties accounted for $702.3 million last month, a 5.2 percent decrease from the $740.5 million sales volume a year ago. These sales do not include Miami’s multi-billion dollar new construction condo market.