Miami Sets Record for Sales of Single-Family Homes in June
According to a new report by the MIAMI Association of REALTORS®, the Miami single-family home market set an all-time record high for sales of any month in history in June. During June 2014, 1,390 single-family homes were sold in Miami. The previous record was 1,317 homes sold in June 2005.
The trend of single-family home sales continues to improve despite rising prices. The median sale price rose from $243,700 in June 2014 to $280,000 in June 2015. Properties are staying on the market slightly longer—43 days versus 41 days in 2014—while the majority of homes are selling close to the original asking price.
Miami Condo Sales Also on the Rise
Condos in Miami also recorded high sales in June with a 4.5 percent increase versus the same month in 2014. This may be surprising considering the resurgence of pre-construction condo sales, however, the existing condo marketing isn’t slowing down. According to the MIAMI Association of REALTORS®, “a total of 8,153 existing condos were sold in Miami in the first six months of 2015, which puts the market on pace for 16,030 transactions for all of 2015.”
Just like the price trend for single-family homes, condo prices in Miami are on the rise as well. The median sale price increased from $190,000 in June 2014 to $205,000 in June 2015. And they’re not just selling more often at higher prices, but condos in Miami are staying on the market for few days. The median numbers of days on the market for condos in June 2015 was 59 days compared to 61 days in June 2014.
With numbers like these, it’s a great time to sell a single-family home or condo in Miami. Contact Suzanne Feanny for a complimentary consult on the sale of your property.
Miamire.com, “Miami Real Estate Sets Single-Family Home Sales Record in June,” 22 July 2015