Miami mid-market single-family home sales rise in February
Miami mid-market single-family home sales rose by double digits while median prices and total dollar volume increased in February, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
Single-family home sales in the $250,000 to $600,000 range jumped 10.5 percent last month. Median sale prices for existing Miami single-family homes ($321,000) and condominiums ($220,000) expanded 18.8 percent and 6.3 percent, respectively.
“Competition for mid-market Miami homes continues to heat up,” said Coral Gables Realtor Christopher Zoller, the 2017 MIAMI chairman of the board. “With mortgage rates on the rise, home buyers have an urgency to lock in rates. In addition to a continued jump in mid-market sales, February’s data also showed a 56 percent increase in sales for homes priced between $600K and $1 million.”
Mortgage rates, while still at historic lows, are rising. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage is 4.17 percent.
$600K to $1M Home Sales Rise 56 percent
Total existing Miami-Dade County residential sales — which posted a record year in 2013 and near record years in 2014 and 2015 — decreased 10 percent year-over-year from 2,039 to 1,835.
Miami single-family home sales decreased 10 percent year-over-year in February, decreasing from 979 to 881. Fewer properties available in popular price points impacted sales. The Miami single-family homes market had a strong 2016 by posting the third-most annual sales in county history.
Condominiums declined 10 percent year-over-year, from 1,060 to 954. Existing condo sales are competing with a robust new construction market.
A closer look at Miami single-family home sales in February shows a 10.5 percent rise in home sales for properties listed between $250,000 to $600,000. Homes sold in the $250K to $600K range represent 25.8 percent of total Miami single-family home sales.
Sales for Miami single-family homes listed from $600,000 to $1 million increased 56 percent in February, from 50 to 78.
Miami single-family traditional sales, or non-distressed transactions, rose 6.1 percent. This growth in traditional sales, from 718 to 762 transactions, shows the market is healthy and continues to grow.
Total sales volume for all properties accounted for $834.1 million last month, a 1.5 percent increase from the $821.5 million sales volume a year ago. These sales do not include Miami’s multi-billion dollar new construction condo market.
Source: MIAMI Association of REALTORS