Miami’s spring home buying season is off to a roaring start.
Miami, FL (PRWEB)
April 21, 2017
Miami’s single-family homes market registered its best March in history while home sales for all properties, median prices and total dollar volume increased, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
Best March in History
Single-family home sales increased 9.2 percent year-over-year in March, expanding from 1,168 to 1,276. The 1,276 homes are Miami real estate’s highest March total, surpassing the previous record of 1,242 single-family homes sold in March 2015. Sales for existing condominiums, which are competing with a multi-billion dollar new construction market, rose 2.3 percent year-over-year in March.
“Miami’s spring home buying season is off to a roaring start,” said Coral Gables Realtor Christopher Zoller, the 2017 MIAMI chairman of the board. “Not only did single-family home sales post a historic total, but existing condominium sales also increased. The local jobs market is solid, average pay is rising and mortgage rates are still at historic lows.”
The possibility of higher interest rates pushed some buyers off the sidelines in March, which is traditionally the start of a busy spring and summer season for selling homes. Miami single-family homes in the mid-market ($250K to $600K) continue to be a popular price point.
Despite recent increases, mortgage rates remain at historic lows. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage is 4.20 percent.
Total Home Sales Rise in March
Total existing Miami-Dade County residential sales — which posted a record year in 2013 and near record years in 2014 and 2015 — increased 5.6 percent year-over-year from 2,465 to 2,603.
A closer look at Miami single-family home sales in March shows a 37.5 percent rise in home sales for properties listed between $250,000 to $600,000. Homes sold in the $250K to $600K range represent 57.5 percent of total Miami single-family home sales.
Sales for Miami single-family homes listed from $600,000 to $1 million increased 51.9 percent in March, from 79 to 120.
Miami single-family traditional sales, or non-distressed transactions, rose 18.4 percent. This growth in traditional sales, from 942 to 1,115 transactions, shows Miami real estate is healthy and continues to grow.
Total sales volume for all properties accounted for $1.17 billion last month, a 17.4 percent increase from the $996.5 million sales volume a year ago. These sales do not include Miami’s multi-billion dollar new construction condo market.
Median Prices Rise for…