Miami Condo Sales Increase 8.2% in July

The July 2018 Miami-Dade County Real Estate results are in and the Miami continues to see month-over-month and year-over-year growth.

Miami-Dade existing condominium sales increased year-over-year for the fifth time in the last seven months as median prices rose for all properties in July 2018, according to a new report by the MIAMI Association of REALTORS® and the Multiple Listing Service.

Miami Condo Sales in July Increase 8.2%

Miami existing condo transactions rose 8.2 percent year-over-year in July 2018, from 1,132 to 1,225. Single-family home sales declined 1.2 percent, from 1,117 to 1,104. Total sales increased 3.6 percent year-over-year, from 2,249 to 2,329.

Miami Real Estate Total Sales Volume Increase 11.3%

Sales Dollar Volume Jumps 11.3 Percent to $1.07 Billion Total sales volume increased to $1.07 billion from $961.1 million in July 2017. Existing condo sales volume increased from $416.2 million to $457.7 million (an increase of 10 percent). Single-family home total dollar volume rose 12.4 percent, from $544.9 million to $612.5 million.

Miami Condo Prices increase 83 of the Last 86 Months

We are currently experiencing more than 6.5 Consecutive Years of Price Appreciation in Miami  Miami-Dade County single-family home prices increased 10.3 percent in July 2018, increasing from $335,000 to $369,000. Miami single-family home prices have risen for 80 consecutive months, a streak of more than 6.5 years. Existing condo prices rose 8.0 percent, from $225,000 to $243,000 in July. Condo prices have increased in 83 of the last 86 months.

Miami Condo Prices Increase 83 of the Last 86 Months

Mortgage Rates Hold Steady at 4.53%

Low mortgage rates make purchasing a home more affordable. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 4.53 percent in July from 4.57 percent in June. The average commitment rate for all of 2017 was 3.99 percent.

Distressed Sales Down 45.3% Reflecting Healthy Real Estate Market

Miami Distressed Sales Continue to Drop, reflecting a Healthy Real Estate Market. Only 5.8 percent of all closed residential sales in Miami were distressed last month, including REO (bankowned properties) and short sales, compared to 10.9 percent in July 2017. In 2009, distressed sales comprised 70 percent of Miami sales. Total Miami distressed sales declined 45.3 percent year-over-year, from 245 in July 2017 to 134 last month.

Miami Single-Family Homes List to Contract Time Increased to 45 Days

Miami Real Estate is Selling Close to List Price when it comes to homes as well as condos.  The median number of days between listing and contract dates for Miami single-family home sales was 45 days, a 9.8 percent increase from 41 days last year. The median number of days between the listing date and closing date for single-family properties was 91 days, a 1.1 percent decrease from 92 days.

Miami Condominium List to Contract Time Increased to 76 Days

The median time to contract for Miami-Dade condos was 76 days, a 5.6 percent increase from 72 days last year. The median number of days between listing date and closing date decreased 1.7 percent to 117 days.

Miami Condos Receive 93.8% of Asking Price

The median percent of original list price received for single-family homes in Miami was 95.4 percent. The median percent of original list price received for existing condominiums was 93.8 percent.

Increase in Inventory for Miami Luxury Condos and Single Family Homes

We are currently in a Balanced Real Estate Market for Single-Family Homes and a Buyer’s Market for Condos.  Inventory of single-family homes increased 2.1 percent in July from 6,187 active listings last year to 6,318 last month. Condominium inventory increased 0.7 percent to 15,181 from 15,077 listings during the same period in 2017.

Increase in inventory or Miami properties above $300,000 for condos and for properties above $600,000 for single-family homes.

Existing condominiums have a 13.8-month supply, indicating a buyer’s market. A balanced market between buyers and sellers offers is between six and nine months supply of inventory.

Miami Real Estate Cash Buyers Double National Figure

Miami’s Cash Buyers Represent almost Double the National Figure.  Miami cash transactions comprised 35.8 percent of July 2018 total closed sales, compared to 39.9 percent last year. Miami cash transactions are almost double the national figure (20 percent).

Miami’s high percentage of cash sales reflects South Florida’s ability to attract a diverse number of international home buyers, who tend to purchase properties in all cash. Miami has a higher percentage of cash sales for condos due to lack of financing approvals for buildings.

 48.2% of Miami Condo Sales in July comprised of Cash Buyers

Condominiums comprise a large portion of Miami’s cash purchases as 48.2 percent of condo closings were made in cash in July compared to 21.9 percent of single-family home sales.

NOW IS A GREAT TIME TO SELL IN THIS HOT MIAMI REAL ESTATE MARKET WITH YEAR OVER YEAR GAINS ON REAL ESTATE INVESTMENTS!

Contact Worldwide Properties today to speak with an experienced luxury real estate agent about selling your Miami and Miami Beach home.  We are experts in Miami Beach waterfront homes and are Located at 225 Collins Avenue, Suite 101, Miami Beach.

Stop by anytime to discuss your Miami real estate needs.  We would love to assist with your South Florida property or help you find the perfect Miami home for you!

ABOUT WORLDWIDE PROPERTIES

Worldwide Properties is a full-service residential and commercial brokerage firm located in South Beach’s chic South of Fifth neighborhood. Our world-class sales and marketing teams of brokers and real estate associates represent the most elegant and luxurious private homes, condominiums and commercial projects in South Florida and the Caribbean.

Our vast international network of contacts and clients in the United States, Caribbean, Europe, Asia, and South America can depend upon our highly experienced, multi-lingual sales teams to plan and execute strategic acquisitions of the most exclusive and exquisite real estate worldwide.

Worldwide Properties has two South Beach locations at 225 Collins Avenue, Ste 101, Miami Beach, FL and our Murano Grande Branch located at 400 Alton Rd, TH 104-M, Miami Beach, FL 33139.

 

from Worldwide Properties - Feed https://ift.tt/2wAPequ