Real estate in Miami-Dade continues to boom, with the total sales volume in the second quarter of 2017 reaching $3.3 billion — a 3.1 percent jump from $3.2 billion mark a year ago.
According to figures released by the Miami Association of Realtors on Wednesday, the volume of sales transactions of existing single-family homes and condos rose 1.45 percent in the second quarter of 2017 over the same period in 2016. The total number of transactions grew from 7,590 transactions to 7,700.
In Broward County, the story wasn’t as rosy. The Greater Fort Lauderdale Realtors reported the number of single-family home sales dipped 6.7 percent in the second quarter of 2017, with 4,672 transactions. Condo sales were down 1.3 percent (4,738 transactions).
The median home sales price in Miami-Dade rose to $328,300 — the 22nd consecutive month of growth. Sales of existing condos dipped 2.6 percent, from 3,921 to 3,818. But the median condo sales price went up to $229,000, a 6.5 percent increase over last year.
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“It’s a very good time to be buying and selling,” said Christopher Zoller, a Coral Gables broker and current chairman of the Miami Association of Realtors. “In the past two months alone, we’ve seen an incredible increase in traffic, thus the overall number of sales. June is usually the time of year when people are thinking about vacations, not buying a home.”
In Broward, the median home sales price shot up to $340,000, a 7.9 percent increase. Condo median sales prices also climbed to $155,000, a 9.2 percent rise.
Statewide, the median home sales price stands at $240,000.
Cash sales made up 38.6 percent of all closed transactions in Miami-Dade, which is more than double the national average of 18 percent and is an indicator of continued foreign investment in South Florida (out-of-town and foreign buyers often pay cash). More than half of existing condo sales (53.5 percent) and 23.9 percent of single-family home sales were paid in cash.