Business

Strong first quarter for Miami home values

A “for sale” sign stands in front of a home in Miami in 2013.
A “for sale” sign stands in front of a home in Miami in 2013. Getty Images

It was another strong quarter for residential real estate values in Miami-Dade County.

As has been the case for the last 12 quarters, median sales prices for both single-family homes and condos went up, according to a report from the Miami Association of Realtors.

The median sales price for a single-family home was $250,000 in the first quarter of 2015, up 1.6 percent compared to the last quarter of 2014 and up 8.7 percent compared to the first quarter of 2014. The median sales price for a condo was $196,500, up 3.4 percent compared to the last quarter of 2014 and up 4.8 percent year-over-year.

But there are signs that the market for condos may be cooling down as supply outstrips demand.

There are now enough condos on the market to last for nine months, the very upper limit of what is generally considered a healthy inventory.

And the percentage of all-cash sales declined to 56.5 percent in the first quarter of 2015, down from 61.6 percent in the first quarter of 2014. Foreign buyers have driven the condo boom in Miami over the past few years. They overwhelmingly purchase property with cash.

But dips in major foreign currencies across Latin America and Europe will make it difficult for overseas buyers to keep buying up Miami homes at the same rate.

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