Skip to main content

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’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
Published
Mar 27, 2018
Rocket Pro And Vetted VA Join Forces

What started as a Facebook group now educates 100K+ veterans monthly — Vetted VA and Rocket Pro working to bring ethics, clarity to a broken system

Jun 17, 2025
MBA Urges Shift To Single Credit Report Model, Citing Cost Savings And Efficiency

MBA says tri-merge credit checks cost lenders up to $100 per loan, doubling since pre-COVID, as industry pushes for a cheaper, single-report model

Jun 16, 2025
Fairway Acquires Hallmark Home Mortgage Through Asset Purchase

Hallmark to become new Fairway division, gets access to Fairway's Fairway's product portfolio, tech, and support resources

Jun 13, 2025
Trigger Leads Bill Clears Senate

Final push now left to House; reconciled bill needed next

Housing Market Outlook: Brighter Days To Come

NAR Chief Economist Yun calls lower mortgage rates ‘magic bullet’ to boost home sales

Jun 11, 2025
Redfin Shareholders Say Yes To Acquisition By Rocket

Nearly 99% of Redfin shareholders vote to approve merger, though fewer vote yes to compensation for company’s execs

Jun 10, 2025