- Miami luxury single-family home sales posted double-digit gains as median prices for all properties continued rising in March, according to a new report released today by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system. Amongst the highlights from the report, include:
- Miami-Dade County luxury single-family home sales ($1 million and above) increased 10.3 percent year-over-year in March 2018, rising from 68 to 75. Miami single-family luxury sales have risen in five out of the last six months (Feb. 2018, Jan. 2018, Dec. 2017 and Oct. 2017).
- Total Miami home sales declined 17.5 percent year-over-year in March, from 2,603 to 2,147. Single-family home sales decreased 13.5 percent, from 1,276 to 1,104. Existing condo sales decreased 21.4 percent, from 1,327 to 1,043. Sales don’t include Miami’s multi-billion dollar new construction condo market.
- Miami-Dade County single-family home prices increased 8.1 percent in March 2018, increasing from $322,000 to $348,000. Miami single-family home prices have risen for 76 consecutive months, a streak spanning more than six years.
- Existing condo prices rose 2.2 percent, from $225,000 to $230,000 in March. Condo prices have increased in 79 of the last 82 months.
- Only 6.4 percent of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, compared to 11.2 percent in March 2018. In 2009, distressed sales comprised 70 percent of Miami sales.
- The median number of days between listing and contract dates for Miami single-family home sales was 49 days, a 3.9 percent decrease from 51 days last year. The median number of days between the listing date and closing date for single-family properties was 95 days, a 9.5 percent decrease from 105 days.
- The median time to contract for condos was 76 days, an 8.4 percent decrease from 83 days last year. The median number of days between listing date and closing date decreased 7.3 percent to 115 days.
- Selling Close to List Price: The median percent of original list price received for single-family homes was 95.4 percent. The median percent of original list price received for existing condominiums was 94.0 percent.
- To read the full report, click here.
- In other Miami real estate news, the first wave of tiny apartments known as micro-units are finally arriving to Miami-Dade. Click here to get a look at the new projects.
All of these comments were made by Juan Ardiles from Cervera RE Co.