Miami mid-market single-family home sales increase in Q3 2016
Mid-market Miami single-family homes posted increased sales in the third quarter as 17 Miami neighborhoods registered year-over-year home sales gains and median prices rose for the 19th consecutive quarter, according to a new report by the 44,000-member MIAMI Association of REALTORS® (MIAMI) and the local Multiple Listing Service systems.
Miami-Dade County single-family homes in the mid-market — the $200,000 to $600,000 sector — had a 10.3 percent increase in sales in 3Q 2016, rising from 2,098 to 2,314. Gladeview (90.9 percent increase in sales), Coral Terrace (43.8 percent) and the City of Hialeah Gardens (80.0 percent) posted the highest single-family home sale gains among Miami neighborhoods in 3Q 2016.
“Demand for Miami real estate remains high,” said Mark Sadek, the 2016 MIAMI Chairman of the Board. “Miami has evolved from a beach town to one of the world’s most dynamic global cities. Homebuyers throughout the United States and the world are relocating their families here because of our exciting lifestyle, warm weather, diversified economy, quality schools and multicultural society.”
Home Sales Rise in 17 Miami Neighborhoods
The following Miami-Dade County municipalities and Census-designated places experienced higher year-over-year single-family home sales in 3Q 2016:
-Bay Harbour Islands (300 percent increase in sales)
-Brownsville (39.1 percent)
-Coral Terrace (43.8 percent)
-Country Club (3.8 percent)
-Fountainbleau (23.1 percent)
-Gladeview (90.9 percent)
-Hialeah Gardens (80.0 percent)
-Homestead (0.6 percent)
-Miami Lakes (9.8 percent)
-Miami Springs (3.2 percent)
-Olympia Heights (31.8 percent)
-Pinewood (10.0 percent)
-Sweetwater (25.0 percent)
-Tamiami (3.1 percent)
-The Crossings (38.7 percent)
-Westchester (2.5 percent)
-Westwood Lakes (11.1 percent)
The increase of Bay Harbour Islands, located north of Miami Beach and near the coast, was based on a small sample size (four sales). The next top performing neighborhoods boast mid-market prices: Gladeview (median sale price of $90,000), Hialeah Gardens ($267,500) and Coral Terrace ($349,500).
West Miami single-family home sales performed well, according to the 3Q 2016 data. The West Miami neighborhoods of Coral Terrace, Westchester, Fountainbleau, Sweetwater, Tamiami, Westwood Lakes, Olympia Heights and the Crossings each had higher year-over-year sales in 3Q 2016.