Condo and Luxury Sales Fuel Miami Housing Market
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.