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Local Miami-Dade Real Estate Market Update



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.