Condo and Luxury Sales Fuel Miami Housing Market

Mar 27, 2018

Miami’s existing condominium and total luxury home sales were on the rise, according to data from the Miami Association of Realtors and the Multiple Listing Service system.

Miami existing condo sales experienced a fourth consecutive month of increases in February, rising three percent to 983 from 954. Last month’s activity was credited to a surge in entry-level home sales: existing condo home sales in the $200,000 to $300,000 price range jumped 21.4 percent, from 220 in February 2017 to 267 last month.

However, single-family home sales decreased 6.9 percent, from 881 to 820, which was blamed on a lack of supply in mid-price ranges. The total existing Miami-Dade County residential sales decreased 1.7 percent year-over-year from 1,835 to 1,803, while total sales volume for all properties accounted for $864 million last month, up 3.6 percent from $834.1 million one year earlier.

On the expensive end of the housing spectrum, sales of $1-million-and-up properties rose by 31 percent, from 116 in February 2017 to 152 last month. Miami condo luxury sales jumped 30.9 percent, from 55 to 72, and single-family luxury home sales rose 31.1 percent, from 61 to 80.

Miami-Dade County single-family home prices increased 3.6 percent year-over-year in February, from $321,000 to $332,500. Miami single-family home prices have risen for 75 consecutive months, a streak spanning more than six years. Existing condo prices rose 4.5 percent, from $220,000 to $230,000, and condo prices have increased in 78 of the last 81 months.

About the author

Phil Hall

Link copied

Published

Mar 27, 2018

Analysis and Data

One-Third Of Homeowners Expect To Refinance Despite Elevated Mortgage Rates

Many prospective refinancers carry mortgage rates above 5%, suggesting demand could accelerate if borrowing costs decline

One-third of homeowners say they are either currently refinancing or likely to refinance within the next two years, despite mortgage rates remaining well above pandemic-era lows, according to new survey data released by Refi.com.The findings challenge a common industry narra...

C-Suite Strategies

Two Harbors Reaffirms August Closing Timeline For CrossCountry Deal

MSR-focused REIT says it will continue regular dividends through closing as the proposed sale advances following UWM's decision not to submit a revised bid

Two Harbors Investment Corp. used its latest dividend announcement to reaffirm expectations that its pending sale to CrossCountry Mortgage remains on track for an August closing.The mortgage servicing rights (MSR)-focused real estate investment trust said it plans to continu...

Sep

Dallas, TX

More from

Industry News

Commercial, Multifamily Mortgage Debt Tops $5 Trillion In Q1

MBA says outstanding debt grew by $26.3 billion in the first quarter, led by multifamily lending and increased holdings from banks, agencies, and life insurers

Industry News

Jun 18, 2026

Fed Holds Rates Steady, But Outlook Dims For Mortgage Rate Relief

The Federal Reserve left rates unchanged but updated projections show more policymakers expecting additional hikes

Industry News

Jun 18, 2026

Congress Nears Final Vote On 21st Century ROAD to Housing Act

Senate voted 87-8 to advance House-amended package, with final votes expected in coming days

Industry News

Jun 17, 2026

Florida Pending Sales Signal Strong Summer Housing Market

Closed sales rise for a ninth straight month as inventory gives buyers more negotiating power