Miami Single-Family Home, Luxury Sales Surge in 2Q

Christopher Zoller, 2017 Chairman of the Board, MIAMI Association of REALTORS

There’s strong demand for Miami real estate within the United States and around the globe

Miami real estate posted a robust second quarter as single-family home transactions, single-family luxury sales, median sale prices and dollar volume surged, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the local Multiple Listing Service systems.

Miami single-family home sales rose 5.8 percent, increasing from 3,669 transactions in 2Q 2016 to 3,882. Single-family home luxury sales ($1 million and up) surged 25.2 percent to 303 transactions.

Existing condominiums sales — which are competing with a strong new construction market— decreased 2.6 percent, from 3,921 to 3,818. Median sale prices increased for the 22nd consecutive quarter, rising 11.3 percent for single-family homes to $328,300 and 6.5 percent to $229,000 for condos.

Miami real estate has now seen five and a half years of price appreciation.

“There’s strong demand for Miami real estate within the United States and around the globe,” said Christopher Zoller, the 2017 MIAMI Chairman of the Board and a Coral Gables Realtor. “Every Miami single-family home price bracket above $200,000 posted sales increases in 2Q 2017.”

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.99 percent for 2Q 2017, significantly higher than the 3.59 percent average recorded during the same quarter a year earlier.

Hottest Miami-Dade Neighborhoods in 2Q 2017

Months’ supply of inventory is a strong indicator of real estate activity. Top Miami neighborhoods with the lowest months of supply of inventory with significant closed sales activity in 2Q 2017:

Single-Family Homes

1.    Richmond Heights, a South Dade community south of Kendall, had 0.9 months supply

2.    Pinewood, a North Dade community west of Miami Shores, had 1.5 months supply

3.    Westview, a North Dade community to the west of North Miami, had 1.8 months supply

4.    Brownsville, a Central Dade neighborhood east of Miami Springs, had 1.8 months supply

5.    Palmetto Estates, a South Dade community west of Palmetto Bay, had…

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