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MAY 2017 HOME SALES IN MIAMI BEST IN HISTORY

 

The 1,344 Miami Dade County single family homes sold in May 2017 exceeded the county's previous May record of 1,276 in May 2015. What fueled this surge in sales? Miami's single family properties listed between $200k and $600k increased 27.9% in May from 756 to 967 sales (this mid-market home sale market comprised 71.9% of all single family home sales).  Also, the luxury single family sales ($1million and up) increased 23.5% in May.  These latest figures shows the health and strength of the Miami real estate market.

Prices rose 10.7% in May 2017 and have consistently risen now for 66 consecutive months in both condos and single family homes, but despite the price increases, Miami still remains a great bargain, when compared to other major cities like New York, London and Hong Kong.  

For single family homes, the median number of days between listing and closing date stayed the same at 98 days, but for condos, the median number of days increased to 115 days.  Miami's cash transactions made up 39.4% of May total closed sales, compared to 47.2% last year, but it's still double the national number (22%), most of the cash deals were condo purchases (53.8%) and only 24.6% were single family home sales.  Miami's high number of cash sales are indicative of South Florida's continuing ability to attract a growing number of international clientele who traditionally buy properties all cash.  

As for our inventory, single family homes decreased 5% in May to 6,522 active listings last year to 6,193 last month, while condo inventory increased 8.8% to 15,325 from 14,081 listings last year.  Monthly supply of inventory for single family homes decreased 3.4% from 5.8 months to 5.6 month, indicating a seller's market, but for the condo market, existing condos currently have a 13.8 month supply which indicates a buyer's market.  A balanced market is usually anywhere from 6 to 9 months supply of inventory.  

Ivette Thomas, P.A. , Broker-Associate | Certified Luxury Home Specialist
Fortune International Realty
328 Crandon Blvd - Suite 105
Key Biscayne, FL 33149

786-597-1898 Direct
ivette@fortunewaterfront.com

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