This past September, South Florida home sales increased, however Miami-Dade county condos slipped a little.
According to Florida Realtors, there were 4,199 sales of existing single-family homes in the tri-county area, a 9.7 percent increase from the same month a year ago. The median sales price grew 8.6 percent to $287,750.
In South Florida home sales were even better. The single-family home market statewide surged to 13.4 percent and the median sale price increased 11.1 percent to $199,900.
For existing condo/townhomes in South Florida, there were 3,929 sales in September. This was a a 3.5 percent increase from the previous month. The median sales price grew 3.3 percent to $155,000. Palm Beach County had the largest gains in the region.
“We’re seeing increases in both sales and prices in virtually every metropolitan statistical area (MSA) and in both single-family homes and townhouses and condos,” said Florida Realtors Chief Economist John Tuccillo. “Inventory continues to decline and those declines have now reached homes at the $250,000 level. However, with pending sales down, mortgage accessibility increasing and interest rates due to rise, we think the market will even out as we go forward into 2016.”
Sales of existing condo/townhomes in Miami-Dade fell 8.3 percent last month, while media sales did increase a bit. This decline was most likely due to fewer cash sales, signifying less foreign investors acting in the market.
However, According to the Miami Association of Realtors, the Miami-Dade County saw an increase of 2.9 percent to 1,200. The median sales price surged 14% up to $285,000. The inventory did see a decline, and South Florida is seeing a “seller’s market.”
Overall, the Sunshine State is seeing a hot and positive real estate market. If you are interested in selling your home in Miami, do not wait a moment longer to contact RE/MAX Paradise, where we will offer you the best agents and guidance through the process!