The single-family home real estate market in Miami is as strong as ever. According to a press release published by the MIAMI Association of REALTORS and the local MLS, Miami-Dade saw a total of 13,936 single-family homes sold in 2015, a total of 3.1 percent more than in 2014. Even more impressive is that the 2015 statistic marks the third consecutive record year of single-family homes sold in Miami.
Seller’s Market is Holding Strong in Miami
It’s clear that Miami is a seller’s market. Not only are home sales up, but inventory is down. Last year inventory decreased from a 5.6 months supply in 2014 to a 5.2 months supply in 2015. In a more balanced market, there are between six and nine months supply of inventory.
Home prices are also up. The median sold price for a single-family home in 2015 was $265,000 compared to $245,00 in 2014. Moreover, in 2015, 95.2 percent of single-family homes that were sold, were sold at the original list price.
“Miami real estate had a banner year in 2015,” said Mark Sadek, 2016 MIAMI Chairman of the Board. “Miami’s strong local jobs market, population increase, historically-low mortgage interest rates and South Florida’s continued growth as a world-class global region all played key roles in the strong sales. We see many of these factors carrying over to 2016.”
If you’re interested in selling your single-family home in Miami, contact Suzanne Feanny for a free consultation. With nearly 20 years of experience in selling homes in Miami, Suzanne can help you get the most out of the current market cycle.
Miami Sets Single-Family Home Sales Record in 2015, Total Residential. (2016, February 11). Retrieved February 15, 2016, from http://www.prweb.com/releases/2016/02/prweb13212608.htm
NEHAMAS, N. (2016, February 11). Miami-Dade breaks all-time record for single-family home sales in 2015. MIAMI HERALD. Retrieved February 15, 2016, from http://www.miamiherald.com/news/business/real-estate-news/article59894856.html