Miami-Dade County real estate market is expected to set a new record for single-family home sales in 2015. 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.
- 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.
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-over-year increase.
Additionally, the average percent of original list price received for single-family homes was 95.7 percent in November, an increase of 1.9 percent from a year earlier.
The market’s inventory of homes rose by 2.2 percent year-over-year in November to 6,502. This total includes 1,785 listings that hit the market last month.
Similar to its single-family sector, Miami’s existing condo market is on pace for a banner year.
Through November a total of 14,770 condos have sold this year. According to MIAMI, the market will likely finish with the third-most sales in Miami history. The record for total transaction volume, 17,142 existing condo sales, occurred in 2013.
A solid year for existing condo sales has occurred despite a rise in pre-construction condo sales east of Interstate-95. There are currently 10,148 condo units under construction east of I-95, with roughly 9,131 units planned.
In November, existing condo sales increased by 1.9 percent year-over-year to 1,097 units. The median sales price for these units reached $203,000, a 7 percent year-over-year rise.
The average percent of original list price received was 93.8 percent, which is relatively unchanged when compared to November 2014.
Existing condo inventory increased to 12,885 units in November, with 2,710 new listings hitting the market.
Overall, cash deals represented 54.9 percent of Miami’s total closed sales in November, which reflects South Florida’s ability to attract international home buyers that tend to purchase properties with cash, according to MIAMI. Nearly 68 percent of all condo sales and 40 percent of all single-family transactions were cash deals.