Miami single-family home sales rose 5.8 percent year-over-year in the second quarter, while luxury single-family home sales soared by 25.2 percent, according to data from the Miami Association of Realtors
Also on the rise were median sale prices, which increased for the 22nd consecutive quarter. During the second quarter, the median sales price for the Miami market increased by 11.3 percent for single-family homes to $328,300 and 6.5 percent to $229,000 for condos. Miami real estate recorded five and a half years of price appreciation.
However, existing condominiums sales dropped by 2.6 percent in the second quarter—and the trade group attributed the decline to strong competition from an increased level in newly constructed properties.
Miami real estate had 21,119 active listings in the second quarter, up 3.6 percent increase from the 20,384 listings at the same time last year. The inventory for single-family homes saw a 3.8 slide, from 6,292 to 6,052. But the existing condo inventory grew 6.9 percent, from 14,092 to 15,067.
Cash sales represented 38.6 percent of Miami closed sales in the second quarter, which was more than double the national level. Cash sales accounted for 53.5 percent of all Miami existing condo sales and 23.9 percent of single-family transactions.