Wednesday, June 28, 2017 / by Leon Zhivelev
Miami’s single-family home market registered its best May in history as total home sales, median prices, dollar volume, traditional sales and luxury transactions surged, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
• Total Condo Sales also were up 5.7%
Up 9.9% from May 2016, this last month, Miami saw 1,344 single-family home sales, the most in any month of May in Miami History.
• Total Residential Sales were up 7.7%
• Total Dollar Volume went up 14.7%
The overall health of the Miami market can be seen by the single-family mid-market home
Miami's single family home prices have risen in 66 consecutive months, over the last 5 and a half years. Prices for single-family homes rose from $293,500 to $325,000 from year to year, which is a 10.7% jump year over year. Condominium prices have also risen in 70 of the last 72 months as well.
2008's housing collapse is far in the rearview mirror. The strength of the market and demand for housing in greater Miami-Dade County has seen almost all housing market properties appreciate in value, making sellers happy and as the trend continues, buying real estate is a safer and better return on investment than almost any other asset.
BUYING IN MIAMI IS A GREAT BARGAIN.
"Despite the rise in prices, Miami real estate remains a major bargain. A 120-square meter condominium in Miami-Fort Lauderdale-Miami Beach cost $170,000 in 2016 Q3, according to the National Association of REALTORS® (NAR). The average cost of a 120-square meter apartment in 2016 in the prime inner city areas of London ($4.1 million), Hong Kong ($3.1 million), and New York ($2.2 million)
Anyone waiting to buy is watching properties appreciate as the single family home supply is also in decline. Inventory from May 2016 to May 2017 decreased 5% with 6,522 active homes for sale last year and 6,193 this last month. With fewer properties hitting the market for sale, any buyer must be prepared with the knowledge that demand is way past the supply and the market is not slowing down in the least. Hiring a knowledgeable realtor is an absolute must to get the bang for your buck for any seller or buyer. If you list it, they will come.