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.