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Median residential sales in Miami, one of the US’s most dynamic real estate markets, continued rising last month and have now been increasing for more than three years. Indeed the latest figures from the Miami Association of Realtors shows that single family home sales registered double digit growth in February and set an all-time Miami annual record in 2014, up 14.2% compared to February 2014. Existing condominium sales posted the second best year in Miami history in 2014 despite an increase in new condo construction and rose 1.4% from February of last year. Combined, Miami-Dade County residential real estate sales increased 6.8% compared to the same time period in 2014. ‘Miami residential home sales continue to grow at a moderate rate. Seller confidence and buyer demand in the Miami real estate market is leading to more active listings and higher sale prices,’ said Christopher Zoller, the association’s residential president. The data also shows that family home prices increased again in February but remain at affordable 2004 levels despite more than three years of consistent year on year increases. Condo prices also increased in February 2015, marking 44 months of growth in the last 45 months. The median sale price for single family homes increased 7.9% to $245,000 in February 2015 from $227,000 in February 2014. The average sale price for single family homes increased 4% to $431,746 last month from $415,312 during the same time period last year. Compared to February 2014, the median sale price for condominiums increased 6.8% to $189,000 from $177,000 a year prior. The average sale for condominiums increased 8.4% to $365,856 from $337,382 in February 2014. Miami single family homes and condominiums continue to sell close to asking price, reflecting a strong consumer demand. The median number of days on the market for single family homes sold in February 2015 was just 46 days, a decrease of 2.1% compared to the same period in 2014. The average percent of original list price received was 94.6%, down a negligible 0.6% from a year earlier. The median number of days on the market for condominiums sold in February 2015 was 65 days, an increase of 14% compared to the same period in 2014. The average percent of original list price received was 93.3%, a 1.8% decrease. Cash sales in Miami increased relative to last month, but are down compared to the same time period last year. Access to mortgage loans for condominium buyers remains limited. The lack of Federal Housing Administration loans for a large number of existing Miami condominium buildings is preventing further market strengthening. In Miami-Dade County, 58.8% of total closed sales in February 2015 were all cash transactions, up from 57.2% from the previous month. Cash deals in Miami are down relative to February 2014 when 62.5% of transactions were all cash. Miami condominiums comprise a large… Continue reading →

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