It was a good year for Miami real estate.
Realtors sold nearly 14,000 single-family homes in Miami-Dade County in 2015, up 3.1 percent from 2014 and an all-time record, according to the Miami Association of Realtors. That’s the third straight year of record-breaking sales.
Prices also soared, hitting $285,000 for the year, up from $245,000 in 2014, an 8.2 percent gain.
The trend is likely to continue in 2016: inventory for single-family homes is tight at just 5.2 months and there’s not much room left in the county to build new homes.
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Condo sales told a different story. Between a bounty of new condo construction east of Interstate 95 and currency woes for the Latin American and European buyers who have fueled the latest building boom, condo sales struggled. They reached nearly 16,000 in 2015, down 2.8 percent from 2014.
Prices still rose, though, standing at $200,000 by year’s end, up 5.3 percent from $190,000 in 2014.
There’s no question foreigners are retreating from Miami real estate. Cash sales, a good proxy for foreign buyers, fell from 57.2 percent of deals in 2014 to 51.8 percent in 2015.