Sales for existing homes in Miami-Dade County dropped slightly in April 2015 compared to April 2014, dragged down by a lack of interest in older condos as new luxury towers pop up on the beach and across the downtown.
But prices still rose last month in Miami, and the market in Broward County made gains in both home sales and values, according to reports released Thursday by the Miami Association of Realtors and the Greater Fort Lauderdale Realtors.
In Miami-Dade, sales for single-family homes were up 8 percent in April 2015 compared to the same month last year. But a 6.8 percent year-over-year drop in condo resales meant that combined Miami-Dade residential sales hit 2,698 last month, compared to 2,712 a year ago, a decline of 0.5 percent.
Currency crises in Latin America and Europe have hurt the ability of foreigners to purchase condos in Miami. Foreign buyers usually conduct their transactions in cash, and the number of cash sales fell to 51.9 percent of total sales in April 2015, down from 59.3 percent in April 2014.
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But prices were up for both single-family homes and condos, especially in the single-family market where inventory is tight.
In Miami-Dade, the median sales price for a single-family home hit $260,000 in April, up from $243,000 in April 2014, a 7 percent gain. The median sales price for a condo rose less aggressively to $199,000, up from $193,000 a year ago, a 3.1 percent gain.
In Broward, home sales and values both went up.
The median sales price for a single-family home grew 5.3 percent, reaching $287,500 in April 2015, up from $273,000 in April 2014. Condo prices were up 4.8 percent, hitting $125,700 last month, compared to $120,000 in the previous year.
Overall sales also grew year-over-year, increasing by 7.7 percent, with growth driven by sales of single-family homes.