Sales of Miami’s Single-family Home and Condo Market Doubles

Sales of Miami’s Single-family Home and Condo Market Doubles

Miami’s single-family housing and condo markets have doubled in sales in the first quarter of 2016 compared to the first quarter sales of 2015. The growth of sales in Miami puts the percentage in the double digits.

According to a report released by the Miami Association of Realtors, the sale of single-family homes, in the price range of $200,000 to $600,000 has increased by 10.6 percent and the sale of condos in the price range of $150,000 to $300,000 has increased by 12.8 percent.

Good rises and good falls

As the heat in Miami continues to increase, so do its home values. In the first quarter 2016, the average sales price was $203,500 for single-family homes, which is up from 11.8 percent of the previous year. Condos had an average price of $153,000, which is an increase of 5.5 percent.

The length of time single-family homes stayed on the market fell from 126 days to 117 days (a 7.1 percent change) and the length of time condos were on the market also fell, from 125 days to 120 days (a 4 percent change). Do not worry if you’re in the market to purchase a home, as the number of active listings is also up by 13.3 percent at 20,446 listings, giving buyers plenty of options to choose from when purchasing a property.

 

Lower interest rates, homeownership assistance programs through the county for those that qualify, and a variety of housing locations, from waterfront to farming acres, luxury to fixer-uppers, assist in the growth of Miami’s vast market. The allure of Miami’s diversity of culture, language, and jobbing market continues to appeal to buyers to purchase homes in one of America’s captivating cities.

If you are interested in buying in Miami’s growing market or listing your home for sale, please do not hesitate to contact Suzanne.

Sources:

Lima, D. (2016, May 10). Double-digit growth in sales of Miami-Dade homes and condos. Retrieved May 16, 2016, from http://www.miamiherald.com/news/business/real-estate-news/article76788167.html

Miami Mid-Market Properties Post Double-Digit Sales Growth in 1Q. (2016, May 10). Retrieved May 15, 2016, from http://www.miamire.com/miami-news/2016/05/10/miami-mid-market-properties-post-double-digit-sales-growth-in-1q