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Miami-Dade County existing condominium sales surged 5.6 percent in 2Q 2018 as median prices for all properties rose for the 26th consecutive quarter, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.
Miami condo transactions jumped 5.6 percent, from 3,818 in 2Q 2017 to 4,033 in 2Q 2018. Miami existing single-family sales decreased 2.6 percent, from 3,882 to 3,782. The change is due to a lack of single-family home inventory in lower and mid-price points.
“Miami condo home buyers are finding great opportunities particularly in the $250,000 to $600,000 range,” MIAMI Chairman of the Board George C. Jalil said. “Miami condo sales in the $250,000 to $600,000 range increased 15.7 percent year-over-year, which helped fuel the sector’s robust quarter.”
Total Home Sales Increase in 1Q 2018
Total existing Miami-Dade County residential sales increased 1.5 percent year-over-year in 2Q 2018, from 7,700 to 7,815.
Total sales volume accounted for $3.9 billion in 1Q 2018, an increase from the $3.3 billion sales volume a year ago. The sales do not include Miami’s multi-billion dollar new construction condo market.
Non-distressed sales comprised 94 percent of all closed residential sales in 2Q 2018 vs. 90 percent in 2Q 2017. Only 6.3 percent of all closed residential sales in Miami were distressed in 2Q 2018, including REO (bank-owned properties) and short sales, compared to 9.7 percent in 2Q 2017. In 2009, distressed sales comprised nearly 70 percent of Miami sales.
Short sales and REOs accounted for 1.5 and 4.8 percent, respectively, of total Miami sales in 2Q 2018. Short sale transactions decreased 36.8 percent year-over-year while REOs fell 33.6 percent.
Miami Luxury Homes Sales Jump 18.2 Percent
Total luxury home sales ($1 million and above) jumped 18.2 percent, from 500 in 2Q 2017 to 591 in 2Q 2018.
Condo luxury sales fueled the $1-million-and-above transaction surge, increasing 37.1 percent in 2Q 2018. Single-family luxury transactions increased 5.9 percent in 2Q 2018.
A rise in sales among mid-priced condos also played a key role in 2Q 2018. Miami condo sales in the $250,000 to $600,000 range increased 15.7 percent year-over-year, from 1,213 sales to 1,403.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.54 percent for 2Q 2018, up from the 3.99 percent recorded during the same quarter a year earlier.
Miami Median Prices Rise for 26th Consecutive Quarter
The median price for single-family homes in Miami-Dade County increased to $350,000 in the second quarter, a 6.6 percent jump from $328,300 in the same period last year. The median price for existing condominiums increased 5.2 percent year-over-year from $229,000 to $240,875.
Median prices have now increased for 26 consecutive quarters, a streak spanning 6.5 years.
Statewide, the median sales price for single-family existing homes in 2Q 2018 was $256,150, up 6.7 percent from the same time a year ago, according to Florida Realtors. The statewide median price for condo-townhouse properties during the quarter was $189,900, up 8.5 percent over the year-ago figure.
The national median existing single-family home price in the second quarter was $269,000, which is up 5.3 percent from the second quarter of 2017 ($255,400) and surpasses last year’s second quarter as the new peak, according to the National Association of REALTORS® (NAR).
Hot Markets Overview Reveals Strong Demand and Limited Supply in Many Local Areas
Months’ supply of inventory is a strong indicator of real estate activity. Top Miami neighborhoods with the lowest months of supply of inventory in 2Q 2018:
Richmond Heights, a small community south of Kendall, had 1.8 months supply
Miami Gardens, a north Dade community along the Broward line, had 2.2 months supply
South Miami Heights, a south Dade community west of Cutler Bay, had 2.3 months supply
Palm Springs North, a northwestern Dade community south of the Broward line, had 2.3 months supply
Palmetto Estates, a South Dade community west of Palmetto Bay, had 2.4 months supply
Naranja, a south Dade community north of Leisure City, had 1.8 months supply
The Crossings, a South Dade community west of Kendall, had 2.0 months supply
Tamiami, a South Dade community west of Kendall, had 2.5 months supply
Three Lakes, a South Dade community west of Kendall, had 2.7 months supply
Hialeah Gardens, a North Dade community west of Hialeah, had 2.7 months supply
National, State Home Sales in 2Q 2018
Nationwide existing–home sales, including single family and condos, decreased 1.7 percent to a seasonally adjusted annual rate of 5.41 million in the second quarter from 5.51 million in the first quarter, and are 2.4 percent lower than the 5.55 million pace during the second quarter of 2017, according to NAR.
Closed sales of single-family homes statewide totaled 80,711 in 2Q 2018, up 1 percent from the 2Q 2017 figure, according to Florida Realtors. Looking at Florida’s condo-townhouse market, statewide closed sales totaled 34,376 during 2Q 2018, up 4.7 percent compared to 2Q 2017.
Balanced Market for Single-Family Homes, Buyer’s Market for Condos
At the current sales pace, the number of active listings represents 6.0 months of inventory for single-family homes and 13.9 for condominiums. A balanced market between buyers and sellers offers between six and nine months of supply inventory.
Miami real estate had 21,470 active listings in the second quarter, a 1.7 percent increase from the 21,119 listings at the same time last year. The inventory for single-family homes increased 2.5 percent, from 6,052 to 6,206. Miami existing condo inventory grew 1.3 percent, from 15,067 to 15,264.
Miami Homes Selling Close to List Price
The median percent of original list price received was 95.9 percent for single-family homes and 93.5 percent for condos in 2Q 2018.
The median time to contract for single-family home listings was 44 days, a 10.2 percent decrease from 49 days in 2Q 2017. The median time to contract for existing condos was 77 days, a 4.1 percent increase from 74 days in 2Q 2017.
The median time to sale for single-family homes decreased 7 percent, from 100 days to 93. The median time to sale for existing condos stayed the same at 116 days.
Miami Cash Sales Almost Double National Figure
Cash sales represented 38.1 percent of Miami closed sales in the second quarter of 2018, compared to 38.6 percent in 2Q 2017. About 20 percent of U.S. home properties are made in cash, according to the latest NAR statistics. The high percentage of cash buyers reflects Miami’s top position as the preeminent American real estate market for foreign buyers, who tend to purchase with all cash.
Cash sales accounted for 52.2 percent of all Miami existing condo sales and 23.1 percent of single-family transactions.