Sales of existing luxury condos (priced over $1 million) in Miami-Dade jumped 51.1 percent year-over-year in July, with the number of sales rising from 45 to 68, according to the latest monthly report by the Miami Association of Realtors released Thursday.
“Sellers are becoming more realistic with their prices, especially at the top of the market,” said Christopher Zoller, the 2017 Miami Association of Realtors chairman, in a statement. “The recent run-up of the stock market and the potential for interest rate hikes are also encouraging more buyers to come off the sidelines and purchase Miami real estate.”
But buyers with tighter budgets again faced higher prices, as the county median jumped 12 percent from July 2016, from $299,000 to $335,000. That may explain why sales for single-family homes decreased by 1 percent, from 1,128 to 1,117.
The drop in single-family home sales mirrored the national trend. Existing home sales in the U.S. fell 0.8 percent from June to 4.84 million, according to the National Association of Realtors. Overall sales are still 1.7 percent higher year-over-year.
In other categories, Miami-Dade sales continued to rise. Luxury single-family home sales rose 9.6 percent year-over-year in July, from 73 to 80. Total existing Miami-Dade County residential sales grew 0.8 percent year-over-year, from 2,232 to 2,249.
Existing condo sales increased 2.5 percent, from 1,104 to 1,132. The median sales price was flat at $225,000.
The total sales volume for all properties in July was $961.1 million. Cash transactions comprised 39.9 percent of total closed sales, compared to 42.7 percent last year.
Broward saw a slightly greater drop in volume, with sales of existing single-family homes off 2 percent over the same period in the prior year. The median price there also rose, gaining 9 percent to $350,000.
Statewide, the median price for single-family homes in July was $240,000, 7 percent higher than a year earlier, according to Florida Realtors. Sales rose 2 percent.
This article was supplemented by material from the Sun Sentinel.