An article by the Miami Herald described March as “a mixed month” for real estate in Miami-Dade after seeing data released on Wednesday by Miami-Dade Realtors. Real
Median single-family home prices increased, while prices of existing condos dropped. The median sale price of single-family homes in Miami-Dade increased by 7.7 percent, from $260,000 to $280,000, compared to March 2015. Prices of existing condos decreased by 2.5 percent from March 2015 until March 2016, to $215,000 from $209,500.
Overall, sales of real estate in Miami-Dade county dipped. Single-family home sales decreased year-over-year. These sales of single family homes dipped 5.8 percent from March 2015. There were 1,240 sales this year versus 1,168 in March of 2015. Condo sales saw a more extreme drop. Those sales fell 11.5 percent from 1,466 in March 2015 to 1,297 this year.
“Miami-Dade has slowed down, specifically due to the strong dollar and the economy of Latin America. When the Latins are looking at currency valuations that have resulted in an . . . increase in price, it has had a profound effect on [sales],” said Phil Spiegelman, principal of ISG World. “But this isn’t the first time . . . political unrest in Latin America has had effect on the South Florida real estate market.”
However, Spiegelman told the Miami Herald he expects sales and prices across the Miami-Dade county to be on an upward trajectory in the near future.
A great part of the Realtors’ report from March is that inventory increased in March. In a real estate market most recently defined by tight supply, it’s very positive to see inventory catching up to demand. Both single-family homes and condos saw inventory increases. There was an increase of 8.2 percent for single-family homes and 15.9 percent for condos.
While March may have been a mixed bag for real estate in Miami-Dade, it’s still healthy and continuing in a positive direction. Not only will the prices most likely climb again soon, it’s great for buyers that inventory is increasing. With any questions about our properties at RE/MAX Paradise or about the market itself, reach out to an agent today!