AgentMarkets & Economy

Miami sets new benchmark for annual home sales activity

Record-setting year occurs while median prices rise by double digits
  • 2015 will be a record year for single-family home sales in Miami despite a recent drop in activity.
  • This year will represent the third best year ever for existing condo sales volume.
  • International buyers are driving a significant amount of Miami's sales activity and are accounting for a high volume of cash deals.

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When 2015 comes to a close the Miami-Dade County market will have set a new record for single-family home sales in a year. According to the Miami Association of Realtors (MIAMI), the market registered 12,857 single-family home closings during the first 11 months of this year, putting the market on pace to eclipse the all-time annual single-family sales record of 13,521, which was established in 2014. "A fifth-consecutive record year for single-family home transactions is a testament to the vitality and allure of Miami real estate,” said Christopher Zoller, 2015 residential president of MIAMI. “International and domestic buyers want to invest and live in one of the world’s top global cities." This year will be a record year for the market despite a recent dip in sales activity. In November, single-family home transactions dropped by 6.7 percent year-over-year, from 972 to 907. At the same time the median sales price for a home rose to $274,900, a 12.2 percent year-ove...