Local Miami-Dade Real Estate Market Update

May 21, 2015

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Each month we present to our readers an update on the real estate marketing in the Miami and Dade County areas. This past month we saw a  positive outlook for the real estate market in our neighborhood.

Single digit growth year over year was at 10%. In March 2015, we saw 1249 single family homes sold compared to 1129 units in the prior year. Nationwide, March 2015 showed a national home sales increase of  6.1%. Condo sales also rose despite an increase in new construction from 1413 units to 1472 units. This is a percent change year over year of 4.2%

 The above two facts confirm the confidence in our local real estate market.

 Median price home increased as follows:

  • Single Family Homes now sits at $260,000 compared to $235,000 one year ago.
  • Condos & Townhouses have a median sales price of $215,000 compared to $200,000 last year in March.

Nationwide the medium price for a single family home is $212,100.

The average days on the market for sale came in as follows:

  • Single Family Home…54 days
  • Condo & Townhomes…60 days

Cash buyers in the metropolitan area are almost 50% more than they are nationwide. 82% of sales to foreign buyers were cash confirming the long time interest of Miami properties by international home buyers. The is compared nationwide cash sales came in at 54.2%

Additional information is as follows:

  • Distressed property sales decreased in Miami. These property types represented 28 % of all sales in our area indicating a decrease of 3% of this type of property for sale. Obviously, this is due to the fact  that the number of short sale properties on the market has been reduced.
  • Acting listings increased to 8.2%

Currently, we have a balanced  real estate market.This type of  market environment is defined by an inventory supply level of 6-9 months.
Finally, if you would like further information about a specific city or town in South Florida kindly contact Jason at 786-326-8115.

 

ShowcaseMiami Realty, Inc.

305-921-9905

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